Manhattan Associates Inc. (MANH) Shares Gap Up Following Strong Earnings
Manhattan Associates Inc. (NASDAQ:MANH) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $57.46, but opened at $57.90. Manhattan Associates shares last traded at $58.71, with a volume of 572,347 shares changing hands.
The company reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.04. Manhattan Associates had a net margin of 19.56% and a return on equity of 62.72%. The company had revenue of $152.21 million for the quarter, compared to analysts’ expectations of $156.15 million. During the same period in the prior year, the business earned $0.42 EPS. The firm’s quarterly revenue was up 7.0% on a year-over-year basis.
Several brokerages have issued reports on MANH. Brean Capital reiterated a “buy” rating and set a $75.00 target price on shares of Manhattan Associates in a report on Thursday, October 13th. Zacks Investment Research cut shares of Manhattan Associates from a “buy” rating to a “hold” rating in a report on Wednesday, September 21st. Finally, Raymond James Financial Inc. reiterated an “outperform” rating and set a $74.00 target price (down from $75.00) on shares of Manhattan Associates in a report on Friday, July 15th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $72.17.
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Several hedge funds have recently added to or reduced their stakes in the stock. AXA boosted its stake in Manhattan Associates by 34.0% in the first quarter. AXA now owns 424,246 shares of the company’s stock worth $24,127,000 after buying an additional 107,569 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Manhattan Associates during the first quarter worth approximately $1,278,000. Lazard Asset Management LLC boosted its stake in Manhattan Associates by 695.0% in the first quarter. Lazard Asset Management LLC now owns 49,094 shares of the company’s stock worth $2,791,000 after buying an additional 42,919 shares during the period. State Street Corp boosted its stake in Manhattan Associates by 1.4% in the first quarter. State Street Corp now owns 2,440,798 shares of the company’s stock worth $138,804,000 after buying an additional 34,235 shares during the period. Finally, Gardner Lewis Asset Management L P bought a new stake in Manhattan Associates during the first quarter worth approximately $1,853,000. Institutional investors and hedge funds own 99.62% of the company’s stock.
The company has a market capitalization of $4.23 billion, a P/E ratio of 37.345 and a beta of 1.31. The company has a 50 day moving average price of $58.52 and a 200-day moving average price of $60.96.
Manhattan Associates Company Profile
Manhattan Associates, Inc (Manhattan) is a developer and provider of supply chain commerce solutions. The Company has three geographical segments: the Americas, Europe, Middle East and Africa (EMEA), and the Asia Pacific (APAC). It is engaged in developing, selling, deploying, servicing and maintaining software solutions designed to manage supply chains, inventory and omni-channel operations for retailers, wholesalers, manufacturers, logistics providers and other organizations.
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