Principal Financial Group Inc. Sells 64,371 Shares of Manhattan Associates, Inc. (NASDAQ:MANH)

Principal Financial Group Inc. trimmed its position in Manhattan Associates, Inc. (NASDAQ:MANH) by 14.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 370,694 shares of the software maker’s stock after selling 64,371 shares during the quarter. Principal Financial Group Inc. owned about 0.61% of Manhattan Associates worth $104,306,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Innealta Capital LLC purchased a new stake in shares of Manhattan Associates during the 2nd quarter worth approximately $26,000. International Assets Investment Management LLC bought a new stake in shares of Manhattan Associates in the 2nd quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC bought a new stake in Manhattan Associates in the second quarter worth $31,000. Capital Performance Advisors LLP purchased a new position in Manhattan Associates during the third quarter worth $34,000. Finally, Ashton Thomas Securities LLC bought a new position in Manhattan Associates during the third quarter valued at $42,000. 98.45% of the stock is owned by institutional investors.

Manhattan Associates Trading Down 0.8 %

Shares of NASDAQ:MANH opened at $280.26 on Friday. The company has a market capitalization of $17.12 billion, a PE ratio of 79.62 and a beta of 1.50. Manhattan Associates, Inc. has a 12-month low of $199.23 and a 12-month high of $312.60. The business’s fifty day simple moving average is $286.39 and its 200-day simple moving average is $263.92.

Manhattan Associates (NASDAQ:MANH) last posted its earnings results on Tuesday, October 22nd. The software maker reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.29. The company had revenue of $266.70 million for the quarter, compared to analyst estimates of $262.90 million. Manhattan Associates had a return on equity of 84.55% and a net margin of 21.38%. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.79 earnings per share. Research analysts predict that Manhattan Associates, Inc. will post 3.39 EPS for the current year.

Insider Buying and Selling

In other news, EVP James Stewart Gantt sold 3,475 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $288.10, for a total transaction of $1,001,147.50. Following the transaction, the executive vice president now owns 42,812 shares in the company, valued at $12,334,137.20. This represents a 7.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Bruce Richards sold 4,150 shares of Manhattan Associates stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $289.73, for a total transaction of $1,202,379.50. Following the completion of the sale, the senior vice president now owns 22,086 shares of the company’s stock, valued at $6,398,976.78. This trade represents a 15.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MANH. Raymond James lifted their price target on shares of Manhattan Associates from $255.00 to $305.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Citigroup increased their price target on Manhattan Associates from $287.00 to $306.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Robert W. Baird boosted their target price on shares of Manhattan Associates from $263.00 to $304.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Truist Financial increased their price objective on Manhattan Associates from $275.00 to $310.00 and gave the stock a “buy” rating in a research note on Friday, October 11th. Finally, DA Davidson lifted their target price on Manhattan Associates from $285.00 to $315.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $292.89.

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.