In a remarkable display of market confidence, Manhattan Associates Inc. (NASDAQ:MANH) stock has reached an all-time high, touching a price level of $308.01. According to InvestingPro data, the company now commands a market capitalization of $18.7 billion, with analysts setting a high target of $326. This peak represents a significant milestone for the supply chain and omnichannel commerce solutions provider, reflecting a robust 1-year change of 36.36%. The stock's impressive YTD return of ~40% has been supported by strong fundamentals, with seven analysts recently revising their earnings expectations upward. Investors have shown increasing enthusiasm for Manhattan Associates, propelling the stock to unprecedented heights as the company continues to innovate and expand its market presence in a rapidly evolving industry. The all-time high serves as a testament to the company's strong performance and the bullish sentiment surrounding its growth prospects. For deeper insights into MANH's valuation and growth potential, including 15 additional ProTips, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Manhattan Associates reported robust Q3 earnings with a 12% increase in total revenue to $267 million and a 29% rise in adjusted earnings per share to $1.35. The company's cloud subscription revenue saw a significant increase of 33%, while the remaining performance obligation (RPO) grew by 27% to approximately $1.7 billion. Manhattan Associates also successfully deployed Manhattan Active Maven, an AI-powered chatbot, in collaboration with the Army & Air Force Exchange Service (Exchange) to enhance customer service.
Piper Sandler initiated coverage on Manhattan Associates, giving the stock an Overweight rating, and highlighted a migration opportunity exceeding $3 billion for the company. Manhattan Associates has also tightened its 2024 revenue guidance to a range of $1.039 billion to $1.041 billion, with a raised operating margin midpoint to 34%. Preliminary targets for 2025 include total revenue of $1.13 billion to $1.14 billion and a cloud revenue growth of 23%.
These recent developments reflect Manhattan Associates' solid growth trajectory driven by high demand for its cloud-based solutions and services.
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