Manhattan Associates (NASDAQ:MANH) Issues Quarterly Earnings Results, Beats Expectations By $0.29 EPS

Manhattan Associates (NASDAQ:MANH) released its earnings results on Tuesday. The software maker reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.29, Briefing.com reports. The company had revenue of $266.70 million for the quarter, compared to analysts’ expectations of $262.90 million. Manhattan Associates had a net margin of 20.54% and a return on equity of 84.54%. The firm’s revenue was up 11.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.79 EPS. Manhattan Associates updated its FY24 guidance to $4.60-4.62 EPS and its FY 2024 guidance to 4.600-4.620 EPS.

Manhattan Associates Stock Down 8.6 %

NASDAQ:MANH traded down $25.04 during midday trading on Wednesday, hitting $267.28. The stock had a trading volume of 176,645 shares, compared to its average volume of 410,295. Manhattan Associates has a one year low of $182.97 and a one year high of $307.50. The company has a market capitalization of $16.46 billion, a price-to-earnings ratio of 87.57 and a beta of 1.50. The stock has a 50-day moving average of $273.75 and a 200 day moving average of $246.41.

Analysts Set New Price Targets

Several brokerages have recently commented on MANH. DA Davidson boosted their price objective on Manhattan Associates from $260.00 to $285.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Robert W. Baird boosted their target price on Manhattan Associates from $263.00 to $304.00 and gave the stock an “outperform” rating in a research report on Tuesday. Loop Capital upped their price objective on Manhattan Associates from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, September 16th. StockNews.com downgraded Manhattan Associates from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Truist Financial upped their price objective on Manhattan Associates from $275.00 to $310.00 and gave the company a “buy” rating in a research report on Friday, October 11th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $275.75.

Insider Buying and Selling

In other Manhattan Associates news, EVP James Stewart Gantt sold 6,000 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $256.50, for a total transaction of $1,539,000.00. Following the completion of the sale, the executive vice president now owns 46,287 shares in the company, valued at $11,872,615.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.72% of the stock is owned by insiders.

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.