Manhattan Associates (NASDAQ:MANH) experienced a downward revision of its price target from Citigroup, which reduced its estimate from $204.00 to $200.00. This adjustment was revealed in a report issued on October 22, 2023. Citigroup currently maintains a “neutral” rating on the company’s stock, suggesting a potential upside of 15.34% based on its closing price prior to the announcement.
Analysts from other financial firms have also recently provided their insights on Manhattan Associates. DA Davidson set a price target of $250.00, while UBS Group established a target of $240.00, both in research notes released on the same day. Similarly, Raymond James Financial lowered its target from $250.00 to $240.00, assigning an “outperform” rating. Zacks Research adjusted its rating from “strong-buy” to “hold” on September 22, 2023. Stifel Nicolaus also cut its price target from $250.00 to $240.00 but maintained a “buy” rating.
Currently, the stock has garnered varying opinions from analysts, with one rating it as a “Strong Buy,” seven assigning a “Buy” rating, and six labeling it as a “Hold.” According to data from MarketBeat.com, Manhattan Associates has an average rating of “Moderate Buy” with a consensus target price of $222.42.
Quarterly Earnings Exceed Expectations
On October 21, 2023, Manhattan Associates announced its quarterly earnings, reporting an earnings per share (EPS) of $1.36, exceeding the consensus estimate of $1.18 by $0.18. The firm achieved a return on equity of 78.80% and a net margin of 20.25%. Revenue for the quarter reached $275.80 million, surpassing analyst estimates of $271.66 million. This marks a 3.4% increase in revenue compared to the same period last year, when the EPS was $1.35.
Looking ahead, Manhattan Associates has set its guidance for fiscal year 2025 at an EPS range of $4.950 to $4.970. Analysts forecast an average EPS of $3.30 for the current year.
Institutional Investor Activity
Recent trading activity also highlights significant interest from institutional investors in Manhattan Associates. HSBC Holdings PLC increased its stake by 3.3% during the first quarter, now owning 25,159 shares valued at approximately $4.34 million after acquiring an additional 810 shares.
Credit Agricole S A raised its holdings by 1.3%, now owning 4,858 shares worth around $841,000. 1832 Asset Management L.P. saw a larger increase, boosting its stake by 17.7% to 8,149 shares valued at $1.41 million. Allstate Corp also made a notable increase, raising its holdings by 61.5% to 2,717 shares worth approximately $470,000. Additionally, AlphaQuest LLC expanded its stake by an impressive 274.3%, now holding 2,534 shares valued at about $438,000.
Overall, institutional investors and hedge funds collectively own approximately 98.45% of Manhattan Associates’ stock.
Manhattan Associates, Inc. specializes in supply chain and omnichannel commerce software solutions. Its offerings include warehouse management, transportation management, order management, and omnichannel fulfillment applications, all delivered through its cloud-native platform, Manhattan Active. This platform enables seamless orchestration of inventory and distribution, enhancing customer service in real-time.
