Manhattan Associates (NASDAQ:MANH) Shares Gap Down Following Analyst Downgrade

Manhattan Associates, Inc. (NASDAQ:MANH - Get Free Report)'s share price gapped down before the market opened on Wednesday after Loop Capital lowered their price target on the stock from $310.00 to $275.00. The stock had previously closed at $295.10, but opened at $222.80. Loop Capital currently has a buy rating on the stock. Manhattan Associates shares last traded at $225.89, with a volume of 678,577 shares trading hands.

Other equities analysts have also issued reports about the stock. Citigroup reduced their price target on shares of Manhattan Associates from $306.00 to $303.00 and set a "neutral" rating on the stock in a research report on Monday. Robert W. Baird boosted their target price on shares of Manhattan Associates from $263.00 to $304.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 22nd. DA Davidson dropped 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. Raymond James dropped their target price on shares of Manhattan Associates from $305.00 to $270.00 and set an "outperform" rating for the company in a research note on Wednesday. Finally, Truist Financial dropped their price target on shares of Manhattan Associates from $310.00 to $285.00 and set a "buy" rating for the company in a research note on Wednesday. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $273.33.

Insider Buying and Selling at Manhattan Associates

In other news, SVP Bruce Richards sold 4,150 shares of the company's stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $289.73, for a total value of $1,202,379.50. Following the completion of the transaction, the senior vice president now owns 22,086 shares in the company, valued at $6,398,976.78. This represents a 15.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James Stewart Gantt sold 3,475 shares of the company's stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $288.10, for a total transaction of $1,001,147.50. Following the completion of the transaction, the executive vice president now owns 42,812 shares of the company's stock, valued at $12,334,137.20. This trade represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.72% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MANH. Bank of Montreal Can boosted its holdings in Manhattan Associates by 7.5% during the second quarter. Bank of Montreal Can now owns 19,594 shares of the software maker's stock worth $4,845,000 after purchasing an additional 1,359 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Manhattan Associates during the second quarter worth $1,484,000. Algert Global LLC boosted its holdings in Manhattan Associates by 26.8% during the second quarter. Algert Global LLC now owns 2,435 shares of the software maker's stock worth $601,000 after purchasing an additional 514 shares during the last quarter. Creative Planning boosted its holdings in Manhattan Associates by 8.7% during the second quarter. Creative Planning now owns 7,279 shares of the software maker's stock worth $1,796,000 after purchasing an additional 583 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in Manhattan Associates by 12.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,559 shares of the software maker's stock worth $631,000 after purchasing an additional 274 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company's stock.

Manhattan Associates Stock Down 3.9 %

The company's fifty day moving average is $281.04 and its 200 day moving average is $271.55. The firm has a market cap of $13.08 billion, a price-to-earnings ratio of 60.84 and a beta of 1.52.

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.