Royal Bank of Canada Trims Stake in Manhattan Associates, Inc. (NASDAQ:MANH)

Royal Bank of Canada cut its stake in shares of Manhattan Associates, Inc. (NASDAQ:MANH) by 6.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 456,116 shares of the software maker’s stock after selling 32,105 shares during the period. Royal Bank of Canada owned about 0.75% of Manhattan Associates worth $123,261,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA lifted its position in Manhattan Associates by 101.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,673,776 shares of the software maker’s stock worth $452,321,000 after acquiring an additional 841,276 shares during the period. Norges Bank purchased a new stake in Manhattan Associates during the fourth quarter worth $201,377,000. JPMorgan Chase & Co. grew its position in shares of Manhattan Associates by 213.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,009,913 shares of the software maker’s stock valued at $284,169,000 after acquiring an additional 687,933 shares during the period. Franklin Resources Inc. grew its holdings in Manhattan Associates by 43.2% in the fourth quarter. Franklin Resources Inc. now owns 1,916,509 shares of the software maker’s stock valued at $517,917,000 after purchasing an additional 578,295 shares during the period. Finally, Lazard Asset Management LLC grew its stake in Manhattan Associates by 2,075.5% in the 4th quarter. Lazard Asset Management LLC now owns 399,066 shares of the software maker’s stock valued at $107,842,000 after acquiring an additional 380,722 shares during the period. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Dennis B. Story sold 2,788 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $170.83, for a total transaction of $476,274.04. Following the completion of the transaction, the chief financial officer now directly owns 101,263 shares in the company, valued at approximately $17,298,758.29. This represents a 2.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.88% of the stock is owned by insiders.

Manhattan Associates Stock Performance

MANH stock opened at $194.49 on Monday. Manhattan Associates, Inc. has a one year low of $140.81 and a one year high of $312.60. The firm has a market cap of $11.81 billion, a PE ratio of 55.41 and a beta of 1.13. The firm’s 50 day moving average price is $172.36 and its 200-day moving average price is $223.32.

Analysts Set New Price Targets

Several research analysts recently commented on MANH shares. DA Davidson increased their price objective on Manhattan Associates from $195.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, April 23rd. Raymond James reduced their target price on shares of Manhattan Associates from $305.00 to $270.00 and set an “outperform” rating for the company in a research report on Wednesday, January 29th. Citigroup lowered their price target on shares of Manhattan Associates from $244.00 to $184.00 and set a “neutral” rating on the stock in a research report on Friday, March 14th. William Blair raised shares of Manhattan Associates from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 13th. Finally, Truist Financial upped their price target on Manhattan Associates from $180.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, April 23rd. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Manhattan Associates currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.57.

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.