Manhattan Associates Inc. (NASDAQ:MANH) executive vice president James Stewart Gantt has sold 6,000 shares of the company's common stock, according to a recent SEC filing. The transaction, dated July 30, 2024, was executed at an average price of $256.50 per share, resulting in a total sale amount of approximately $1.54 million.
Gantt, who serves as the EVP of Professional Services at Manhattan Associates, a leader in supply chain and omnichannel commerce technology, still retains 46,287 shares following the sale. This indicates a continued vested interest in the company's performance, despite the recent divestment.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's future prospects. While sales of stock by insiders can be motivated by a variety of personal financial reasons, they are typically viewed with interest by the investment community.
Manhattan Associates has not issued any public statement regarding the transaction, and as is standard practice, the SEC filing does not disclose the reasons behind Gantt's decision to sell the shares.
The company's shares are publicly traded on the NASDAQ Stock Market under the ticker symbol MANH, and interested parties can access the full details of the transaction through the SEC's EDGAR database.
In other recent news, Manhattan Associates has been a topic of interest for investors, following robust performance in key financial metrics and an optimistic company outlook. The firm's total revenue experienced a 15% surge to $265 million, while adjusted earnings per share rose by 34% to $1.18. Notably, cloud revenue, a critical growth area, expanded by 35%, and services revenue increased by 10%.
Loop Capital recently adjusted the price target for Manhattan Associates to $265.00, up from the previous $250.00, while maintaining a Buy rating on the shares. This adjustment came in response to the company's strong performance in the quarter, which included a 29% growth in Remaining Performance Obligations (RPO), a 35% increase in subscription revenue, and operating margins reaching 35%.
In addition to these financial highlights, Manhattan Associates introduced new products such as Manhattan Active Maven and Manhattan Active Supply Chain Planning, demonstrating a commitment to innovation. Despite some irregularities causing deal delays during the quarter, the overall outlook for the company's sales pipeline and market activities remains positive.
Looking ahead, Manhattan Associates projects full-year 2024 revenue to be between $1.036 billion and $1.044 billion, representing a growth of 17%. The company remains confident in achieving its bookings goals for the year. These developments indicate a promising future for Manhattan Associates, as noted by Loop Capital and CEO Eddie Capel.
InvestingPro Insights
As Manhattan Associates Inc. (NASDAQ:MANH) navigates the market, recent data from InvestingPro provides a snapshot of the company's financial health and stock performance. With a market capitalization of $15.64 billion and a hefty price-to-earnings (P/E) ratio of 76.86, the company is trading at a significant earnings multiple. This high P/E ratio, especially when paired with a PEG Ratio of 1.82, suggests that investors are paying a premium for expected growth in earnings. Additionally, the company's Price / Book ratio stands at a notable 65.03, indicating a high valuation relative to the company's book value.
InvestingPro Tips highlight that Manhattan Associates is trading near its 52-week high, with the price at 95.67% of this peak, reflecting a strong performance in the stock market. The company has also demonstrated robust revenue growth, with a 17.49% increase over the last twelve months as of Q2 2024. It's worth noting that analysts have revised their earnings upwards for the upcoming period, suggesting potential optimism about the company's future financial performance.
For investors looking for more detailed analysis and additional insights, there are 15 more InvestingPro Tips available for Manhattan Associates, which can be found at https://www.investing.com/pro/MANH. These tips could provide a deeper understanding of the company's financial standing and future prospects, which may be particularly relevant in light of the recent insider stock sale by EVP James Stewart Gantt.
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