Massachusetts Financial Services Co. MA Grows Stake in Manhattan Associates, Inc. (NASDAQ:MANH)

Massachusetts Financial Services Co. MA increased its position in shares of Manhattan Associates, Inc. (NASDAQ:MANH) by 101.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,673,776 shares of the software maker’s stock after purchasing an additional 841,276 shares during the quarter. Massachusetts Financial Services Co. MA owned 2.74% of Manhattan Associates worth $452,321,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Manhattan Associates in the fourth quarter valued at approximately $201,377,000. JPMorgan Chase & Co. lifted its stake 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 buying an additional 687,933 shares in the last quarter. Franklin Resources Inc. grew its holdings in Manhattan Associates by 43.2% during the 4th quarter. Franklin Resources Inc. now owns 1,916,509 shares of the software maker’s stock valued at $517,917,000 after buying an additional 578,295 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Manhattan Associates by 275.6% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 486,750 shares of the software maker’s stock worth $131,539,000 after buying an additional 357,172 shares in the last quarter. Finally, Swedbank AB increased its position in Manhattan Associates by 1,840.3% during the fourth quarter. Swedbank AB now owns 369,019 shares of the software maker’s stock worth $99,724,000 after buying an additional 350,000 shares in the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Manhattan Associates Stock Up 2.4 %

Shares of NASDAQ:MANH opened at $178.89 on Thursday. The company has a market cap of $10.93 billion, a PE ratio of 50.97 and a beta of 1.47. Manhattan Associates, Inc. has a fifty-two week low of $163.10 and a fifty-two week high of $312.60. The firm has a 50-day simple moving average of $189.95 and a 200 day simple moving average of $249.79.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Piper Sandler decreased their price target on shares of Manhattan Associates from $268.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday, March 14th. Truist Financial decreased their target price on shares of Manhattan Associates from $310.00 to $285.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. DA Davidson upgraded Manhattan Associates to a “strong-buy” rating in a report on Monday, March 24th. William Blair upgraded Manhattan Associates from a “market perform” rating to an “outperform” rating in a report on Thursday, February 13th. Finally, Raymond James dropped their target price on Manhattan Associates from $305.00 to $270.00 and set an “outperform” rating for the company in a research note on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $243.78.

Insider Activity

In related news, CFO Dennis B. Story sold 2,788 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 101,263 shares in the company, valued at $17,298,758.29. The trade was a 2.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

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.