Rhumbline Advisers Trims Stake in Manhattan Associates, Inc. (MANH)
Rhumbline Advisers cut its stake in shares of Manhattan Associates, Inc. (NASDAQ:MANH) by 2.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 157,003 shares of the software maker’s stock after selling 3,700 shares during the period. Rhumbline Advisers’ holdings in Manhattan Associates were worth $7,778,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Zions Bancorporation purchased a new stake in Manhattan Associates during the 3rd quarter valued at approximately $128,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Manhattan Associates by 45.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,719 shares of the software maker’s stock valued at $184,000 after acquiring an additional 1,165 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in Manhattan Associates during the 3rd quarter valued at approximately $168,000. Advisory Services Network LLC raised its stake in Manhattan Associates by 2,191.1% during the 4th quarter. Advisory Services Network LLC now owns 4,651 shares of the software maker’s stock valued at $230,000 after acquiring an additional 4,448 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in Manhattan Associates during the 4th quarter valued at approximately $247,000.
Shares of Manhattan Associates, Inc. (MANH) opened at $43.82 on Monday. The company has a market capitalization of $2,978.46, a P/E ratio of 25.04 and a beta of 1.26. Manhattan Associates, Inc. has a one year low of $39.63 and a one year high of $54.21.
Manhattan Associates declared that its board has initiated a stock buyback program on Tuesday, February 6th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the software maker to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.
Several analysts have commented on MANH shares. Zacks Investment Research raised Manhattan Associates from a “sell” rating to a “hold” rating in a research note on Saturday, November 18th. ValuEngine downgraded Manhattan Associates from a “hold” rating to a “sell” rating in a research note on Thursday. BidaskClub raised Manhattan Associates from a “hold” rating to a “buy” rating in a research note on Wednesday, December 27th. Finally, TheStreet downgraded Manhattan Associates from a “b-” rating to a “c+” rating in a research note on Tuesday, February 20th. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $55.00.
Manhattan Associates Profile
Manhattan Associates, Inc (Manhattan) is a developer and provider of supply chain commerce solutions. The Company operates through 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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