Manhattan Associates, Inc. (NASDAQ:MANH) Position Reduced by Martingale Asset Management L P

Martingale Asset Management L P cut its stake in Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) by 22.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,175 shares of the software maker's stock after selling 2,727 shares during the period. Martingale Asset Management L P's holdings in Manhattan Associates were worth $2,479,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its position in Manhattan Associates by 101.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,673,776 shares of the software maker's stock valued at $452,321,000 after acquiring an additional 841,276 shares in the last quarter. Norges Bank purchased a new stake in shares of Manhattan Associates during the fourth quarter worth approximately $201,377,000. JPMorgan Chase & Co. raised its holdings in Manhattan Associates by 213.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,009,913 shares of the software maker's stock valued at $284,169,000 after acquiring an additional 687,933 shares during the last quarter. Franklin Resources Inc. lifted its stake in Manhattan Associates by 43.2% in the 4th quarter. Franklin Resources Inc. now owns 1,916,509 shares of the software maker's stock worth $517,917,000 after purchasing an additional 578,295 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of Manhattan Associates by 275.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 486,750 shares of the software maker's stock valued at $131,539,000 after purchasing an additional 357,172 shares in the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MANH. Loop Capital reissued a "hold" rating and set a $170.00 price objective (down previously from $275.00) on shares of Manhattan Associates in a research note on Thursday, April 10th. StockNews.com lowered shares of Manhattan Associates from a "buy" rating to a "hold" rating in a report on Monday, January 13th. Robert W. Baird lowered their target price on shares of Manhattan Associates from $282.00 to $225.00 and set an "outperform" rating for the company in a research note on Tuesday, March 18th. Piper Sandler dropped their target price on Manhattan Associates from $268.00 to $200.00 and set an "overweight" rating for the company in a research report on Friday, March 14th. Finally, Citigroup reduced their price target on shares of Manhattan Associates from $244.00 to $184.00 and set a "neutral" rating on the stock in a research report on Friday, March 14th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Manhattan Associates presently has a consensus rating of "Moderate Buy" and a consensus target price of $212.67.

Manhattan Associates Price Performance

MANH traded up $1.75 during trading on Tuesday, reaching $164.36. 354,118 shares of the stock were exchanged, compared to its average volume of 559,017. Manhattan Associates, Inc. has a 1 year low of $140.81 and a 1 year high of $312.60. The business's 50 day moving average price is $173.13 and its two-hundred day moving average price is $241.27. The company has a market capitalization of $9.98 billion, a price-to-earnings ratio of 46.83 and a beta of 1.36.

Insiders Place Their Bets

In other news, CFO Dennis B. Story sold 2,788 shares of the business's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $170.83, for a total transaction of $476,274.04. Following the completion of the sale, the chief financial officer now owns 101,263 shares in the company, valued at approximately $17,298,758.29. The trade was a 2.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.72% of the stock is owned by corporate insiders.

Manhattan Associates Profile

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.