Manhattan Associates (NASDAQ:MANH) Reaches New 52-Week Low - Here's What Happened

Manhattan Associates, Inc. (NASDAQ:MANH - Get Free Report) reached a new 52-week low during trading on Tuesday . The company traded as low as $169.59 and last traded at $170.14, with a volume of 46673 shares changing hands. The stock had previously closed at $173.09.

Analyst Ratings Changes

A number of analysts have recently weighed in on MANH shares. StockNews.com cut shares of Manhattan Associates from a "buy" rating to a "hold" rating in a report on Monday, January 13th. William Blair upgraded shares of Manhattan Associates from a "market perform" rating to an "outperform" rating in a report on Thursday, February 13th. Truist Financial lowered their price target on shares of Manhattan Associates from $310.00 to $285.00 and set a "buy" rating on the stock in a report on Wednesday, January 29th. DA Davidson lowered their target price on shares of Manhattan Associates from $315.00 to $270.00 and set a "buy" rating for the company in a research note on Wednesday, January 29th. Finally, Citigroup lowered their target price on shares of Manhattan Associates from $306.00 to $303.00 and set a "neutral" rating for the company in a research note on Monday, January 27th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Manhattan Associates currently has an average rating of "Moderate Buy" and an average price target of $273.33.

Manhattan Associates Stock Performance

The firm's 50 day simple moving average is $232.23 and its 200 day simple moving average is $262.67. The firm has a market capitalization of $10.57 billion, a price-to-earnings ratio of 49.27 and a beta of 1.50.

Hedge Funds Weigh In On Manhattan Associates

Several institutional investors have recently made changes to their positions in MANH. Ascent Group LLC lifted its position in Manhattan Associates by 4.8% in the third quarter. Ascent Group LLC now owns 896 shares of the software maker's stock valued at $252,000 after buying an additional 41 shares during the last quarter. Huntington National Bank lifted its position in Manhattan Associates by 5.9% in the third quarter. Huntington National Bank now owns 879 shares of the software maker's stock valued at $247,000 after buying an additional 49 shares during the last quarter. Metis Global Partners LLC lifted its position in Manhattan Associates by 7.0% in the fourth quarter. Metis Global Partners LLC now owns 837 shares of the software maker's stock valued at $226,000 after buying an additional 55 shares during the last quarter. BOKF NA lifted its position in Manhattan Associates by 0.4% in the fourth quarter. BOKF NA now owns 13,271 shares of the software maker's stock valued at $3,522,000 after buying an additional 55 shares during the last quarter. Finally, Kestra Investment Management LLC lifted its position in Manhattan Associates by 2.9% in the fourth quarter. Kestra Investment Management LLC now owns 2,055 shares of the software maker's stock valued at $555,000 after buying an additional 57 shares during the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

About Manhattan Associates

Manhattan Associates, Inc develops, sells, deploys, services, and maintains software solutions to manage supply chains, inventory, and omni-channel operations. It offers Warehouse Management Solution for managing goods and information across the distribution centers; Manhattan Active Warehouse Management, a cloud native and version less application for the associate; and Transportation Management Solution for helping shippers navigate their way through the demands and meet customer service expectations at the lowest possible freight costs; Manhattan SCALE, a portfolio of logistics execution solution; and Manhattan Active Omni, which offers order management, store inventory and fulfillment, POS, and customer engagement tools for enterprises and stores.