Sumitomo Mitsui Trust Group Inc. Acquires 357,172 Shares of Manhattan Associates, Inc. (NASDAQ:MANH)

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) by 275.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 486,750 shares of the software maker's stock after acquiring an additional 357,172 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.80% of Manhattan Associates worth $131,539,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Cetera Investment Advisers boosted its position in shares of Manhattan Associates by 9.0% during the second quarter. Cetera Investment Advisers now owns 4,240 shares of the software maker's stock worth $1,046,000 after buying an additional 349 shares during the period. GAMMA Investing LLC raised its position in Manhattan Associates by 47.5% during the third quarter. GAMMA Investing LLC now owns 1,186 shares of the software maker's stock valued at $334,000 after buying an additional 382 shares during the period. Atomi Financial Group Inc. lifted its position in shares of Manhattan Associates by 8.3% in the third quarter. Atomi Financial Group Inc. now owns 1,014 shares of the software maker's stock worth $285,000 after purchasing an additional 78 shares in the last quarter. CWM LLC boosted its stake in shares of Manhattan Associates by 44.5% during the 3rd quarter. CWM LLC now owns 3,648 shares of the software maker's stock valued at $1,026,000 after buying an additional 1,124 shares during the period. Finally, UMB Bank n.a. grew its stake in Manhattan Associates by 16.7% in the third quarter. UMB Bank n.a. now owns 301 shares of the software maker's stock valued at $85,000 after purchasing an additional 43 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Manhattan Associates Price Performance

Shares of MANH stock traded up $0.63 during trading hours on Tuesday, reaching $178.33. 4,000,280 shares of the company were exchanged, compared to its average volume of 848,358. The company has a market cap of $10.89 billion, a price-to-earnings ratio of 50.81 and a beta of 1.50. The stock's fifty day moving average is $266.18 and its two-hundred day moving average is $269.83. Manhattan Associates, Inc. has a fifty-two week low of $169.94 and a fifty-two week high of $312.60.

Insider Buying and Selling at Manhattan Associates

In related news, EVP James Stewart Gantt sold 3,475 shares of the business'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 sale, the executive vice president now directly owns 42,812 shares of the company's stock, valued at $12,334,137.20. The trade was a 7.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Bruce Richards sold 4,150 shares of the firm'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 transaction of $1,202,379.50. Following the completion of the transaction, the senior vice president now directly owns 22,086 shares in the company, valued at approximately $6,398,976.78. The trade was a 15.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MANH. Citigroup decreased their price target on Manhattan Associates from $306.00 to $303.00 and set a "neutral" rating for the company in a research note on Monday, January 27th. StockNews.com cut Manhattan Associates from a "buy" rating to a "hold" rating in a report on Monday, January 13th. Piper Sandler reiterated an "overweight" rating and set a $268.00 target price (down from $326.00) on shares of Manhattan Associates in a research report on Wednesday, January 29th. 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 report on Wednesday, January 29th. Finally, Robert W. Baird lifted their price objective on Manhattan Associates from $263.00 to $304.00 and gave the company an "outperform" rating in a report on Tuesday, October 22nd. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Manhattan Associates currently has an average rating of "Moderate Buy" and an average target price of $273.33.

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.