Analysts at Citigroup have revised their price target for Manhattan Associates (NASDAQ:MANH) from $204.00 to $200.00, as reported on October 22, 2023. The investment firm currently maintains a “neutral” rating on the software provider, which specializes in supply chain and omnichannel commerce solutions. This adjustment indicates a potential upside of 15.34% from the stock’s previous close.
Other financial institutions have also recently updated their evaluations of Manhattan Associates. On the same day, DA Davidson set a price target of $250.00, while UBS Group provided a price objective of $240.00. Additionally, Raymond James Financial reduced its target from $250.00 to $240.00, designating the stock as “outperform.” Zacks Research downgraded the company’s rating from “strong-buy” to “hold” on September 22, 2023. Stifel Nicolaus followed suit, cutting its target from $250.00 to $240.00 while maintaining a “buy” rating.
Currently, of the analysts covering Manhattan Associates, one has issued a “Strong Buy” rating, seven recommend a “Buy,” and six have assigned a “Hold” rating. According to MarketBeat.com, the overall average rating stands at “Moderate Buy,” with a consensus target price of $222.42.
Recent Earnings and Financial Performance
Manhattan Associates reported its quarterly earnings results on October 21, 2023. The firm achieved earnings per share (EPS) of $1.36, surpassing the consensus estimate of $1.18 by $0.18. The company’s return on equity was an impressive 78.80%, with a net margin of 20.25%. For the quarter, Manhattan Associates generated revenue of $275.80 million, exceeding analyst expectations of $271.66 million. This reflects a 3.4% increase compared to the same quarter in the prior year, where the firm recorded an EPS of $1.35.
Looking ahead, Manhattan Associates has set a fiscal year 2025 guidance ranging from $4.950 to $4.970 in EPS. Analysts predict the company will post an average of $3.30 in earnings per share for the current fiscal year.
Institutional Investment Trends
Recent activity among institutional investors indicates strong interest in Manhattan Associates. HSBC Holdings PLC increased its stake by 3.3% during the first quarter, now holding 25,159 shares valued at approximately $4.34 million after acquiring an additional 810 shares. Credit Agricole S.A. also raised its holdings by 1.3%, owning 4,858 shares worth $841,000 after purchasing 64 more.
Notably, 1832 Asset Management L.P. expanded its position by 17.7%, now owning 8,149 shares valued at about $1.41 million. Allstate Corp significantly increased its investment by 61.5%, owning 2,717 shares worth $470,000 after acquiring an additional 1,035 shares. AlphaQuest LLC also raised its stake remarkably by 274.3%, now holding 2,534 shares valued at approximately $438,000.
Overall, institutional investors and hedge funds collectively own approximately 98.45% of Manhattan Associates’ stock, reflecting strong confidence in the company’s future growth.
Manhattan Associates, Inc. is a leader in providing supply chain and omnichannel commerce software solutions. The company’s flagship products include warehouse management, transportation management, and order management applications, all delivered through its cloud-native platform, Manhattan Active. This platform enables businesses to enhance inventory management, streamline distribution, and improve customer service in real time.
