Manhattan Associates (NASDAQ:MANH) Shares Gap Up on Strong Earnings

Manhattan Associates, Inc. (NASDAQ:MANH) shares gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $226.00, but opened at $247.39. Manhattan Associates shares last traded at $250.95, with a volume of 101,471 shares traded.

The software maker reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.22. Manhattan Associates had a return on equity of 84.36% and a net margin of 20.54%. The business had revenue of $265.30 million during the quarter, compared to the consensus estimate of $255.83 million. During the same period in the previous year, the business earned $0.63 EPS. The business’s quarterly revenue was up 14.8% on a year-over-year basis.

Analyst Ratings Changes

MANH has been the topic of a number of recent analyst reports. StockNews.com raised Manhattan Associates from a “hold” rating to a “buy” rating in a research note on Wednesday. Rosenblatt Securities reiterated a “neutral” rating and issued a $225.00 price target on shares of Manhattan Associates in a research note on Wednesday, April 24th. William Blair reiterated a “market perform” rating on shares of Manhattan Associates in a research note on Wednesday, April 24th. DA Davidson lifted their price target on Manhattan Associates from $260.00 to $285.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Citigroup lifted their price target on Manhattan Associates from $220.00 to $257.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $257.43.

Institutional Investors Weigh In On Manhattan Associates

A number of hedge funds have recently made changes to their positions in the business. Lindbrook Capital LLC raised its holdings in shares of Manhattan Associates by 28.8% during the fourth quarter. Lindbrook Capital LLC now owns 206 shares of the software maker’s stock valued at $44,000 after buying an additional 46 shares during the last quarter. Accurate Wealth Management LLC raised its holdings in Manhattan Associates by 4.1% during the first quarter. Accurate Wealth Management LLC now owns 1,371 shares of the software maker’s stock worth $343,000 after purchasing an additional 54 shares in the last quarter. UMB Bank n.a. raised its holdings in Manhattan Associates by 25.9% during the fourth quarter. UMB Bank n.a. now owns 282 shares of the software maker’s stock worth $61,000 after purchasing an additional 58 shares in the last quarter. iA Global Asset Management Inc. raised its holdings in Manhattan Associates by 9.7% during the first quarter. iA Global Asset Management Inc. now owns 726 shares of the software maker’s stock worth $182,000 after purchasing an additional 64 shares in the last quarter. Finally, Janiczek Wealth Management LLC raised its holdings in Manhattan Associates by 4.6% during the first quarter. Janiczek Wealth Management LLC now owns 1,492 shares of the software maker’s stock worth $373,000 after purchasing an additional 65 shares in the last quarter. Institutional investors own 98.45% of the company’s stock.

Manhattan Associates Price Performance

The stock has a market cap of $15.20 billion, a P/E ratio of 80.68 and a beta of 1.50. The company has a fifty day moving average of $232.77 and a 200 day moving average of $234.07.

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.