Manhattan Associates (NASDAQ:MANH) Hits New 52-Week Low After Insider Selling

Manhattan Associates, Inc. (NASDAQ:MANH) reached a new 52-week low on Monday after an insider sold shares in the company. The stock traded as low as $165.15 and last traded at $165.70, with a volume of 422328 shares changing hands. The stock had previously closed at $170.73.

Specifically, CFO Dennis B. Story sold 2,788 shares of the firm’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 sale, the chief financial officer now directly owns 101,263 shares in the company, valued at $17,298,758.29. This trade represents a 2.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

Several analysts have commented on MANH shares. Loop Capital dropped their price objective on Manhattan Associates from $310.00 to $275.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. DA Davidson cut their price target on shares of Manhattan Associates from $315.00 to $270.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Raymond James reduced their price objective on shares of Manhattan Associates from $305.00 to $270.00 and set an “outperform” rating for the company in a research report on Wednesday, January 29th. Citigroup dropped their target price 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, January 27th. Finally, Piper Sandler reissued an “overweight” rating and set a $268.00 target price (down previously from $326.00) on shares of Manhattan Associates in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Manhattan Associates has an average rating of “Moderate Buy” and an average target price of $273.33.

Manhattan Associates Price Performance

The stock has a market cap of $10.12 billion, a price-to-earnings ratio of 47.19 and a beta of 1.47. The firm has a fifty day moving average of $225.75 and a 200 day moving average of $260.80.

Institutional Trading of Manhattan Associates

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tokio Marine Asset Management Co. Ltd. purchased a new stake in shares of Manhattan Associates in the fourth quarter valued at about $3,890,000. GDS Wealth Management boosted its holdings in Manhattan Associates by 281.4% in the 4th quarter. GDS Wealth Management now owns 6,347 shares of the software maker’s stock valued at $1,715,000 after purchasing an additional 4,683 shares during the last quarter. Oak Thistle LLC purchased a new stake in shares of Manhattan Associates in the 4th quarter valued at approximately $1,326,000. AustralianSuper Pty Ltd increased its holdings in shares of Manhattan Associates by 968.0% during the 4th quarter. AustralianSuper Pty Ltd now owns 232,719 shares of the software maker’s stock worth $62,890,000 after buying an additional 210,929 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Manhattan Associates during the 4th quarter valued at approximately $1,200,000. 98.45% of the stock is owned by institutional investors and hedge funds.

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.