SG Americas Securities LLC significantly increased its investment in Manhattan Associates, Inc. (NASDAQ: MANH) by 87.0% during the third quarter of 2023. According to its latest Form 13F filing with the Securities and Exchange Commission, the firm now holds 10,422 shares of the software company after acquiring an additional 4,849 shares during this period. The value of SG Americas Securities’ holdings in Manhattan Associates reached approximately $2,136,000 at the end of the reporting period.
Several other institutional investors have also adjusted their positions in Manhattan Associates. Capital Fund Management S.A. raised its stake by 45.4%, now owning 127,059 shares valued at about $25,090,000 after purchasing 39,699 shares in the previous quarter. The VIRGINIA RETIREMENT SYSTEMS increased its stake by 4.7% to own 143,600 shares worth $29,435,000 after acquiring an additional 6,500 shares.
In the second quarter, Caxton Associates LLP established a new position in Manhattan Associates valued at approximately $3,339,000. Additionally, Abacus FCF Advisors LLC escalated its stake by 33.0%, owning 44,475 shares valued at around $9,116,000 after purchasing another 11,043 shares. Cerity Partners LLC also increased its holdings by 11.8%, bringing its total to 99,820 shares worth $20,461,000 following an additional acquisition of 10,526 shares. Overall, institutional investors control 98.45% of Manhattan Associates’ stock.
Market Performance and Analyst Ratings
On Thursday, shares of Manhattan Associates opened at $173.48. The company has experienced fluctuations over the past year, with a low of $140.81 and a high of $299.27. Manhattan Associates currently holds a market capitalization of $10.45 billion, with a P/E ratio of 49.42 and a beta of 1.02. Its 50-day moving average stands at $174.52, while the 200-day average is $195.24.
Financial analysts have recently provided mixed assessments of the stock. Citigroup has reduced its price target on Manhattan Associates from $204.00 to $200.00, maintaining a “neutral” rating as of December 23, 2023. Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating in a note dated September 22, 2023. Barclays also lowered its target price from $239.00 to $237.00, while maintaining an “overweight” rating.
Morgan Stanley made a more significant cut, decreasing its price target from $200.00 to $165.00 and assigning an “equal weight” rating. In contrast, DA Davidson set a higher target of $250.00 for the stock. Currently, one investment analyst has issued a “Strong Buy” rating, while seven analysts recommend buying the stock and six suggest holding it. MarketBeat.com data indicates a consensus rating of “Moderate Buy” with a target price averaging $220.17.
Company Overview
Manhattan Associates, Inc. specializes in providing software solutions for supply chain and omnichannel commerce. Their offerings are designed to enhance the efficiency of goods, information, and financial flows across various enterprise operations. Key products include warehouse management, transportation management, order management, and omnichannel fulfillment applications.
The company’s flagship platform, Manhattan Active, allows retailers, manufacturers, carriers, and third-party logistics providers to streamline inventory management, distribution, and customer service in real-time. Notable product areas include Manhattan Active Warehouse Management, which automates warehouse operations, and Manhattan Active Transportation Management, which aids in carrier selection and freight payment processes.
Investors and stakeholders are closely monitoring these developments as Manhattan Associates continues to adapt in a dynamic market landscape. For further updates and insights into Manhattan Associates and related news, interested parties can subscribe to MarketBeat.com’s daily newsletter.
