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In a recent stock transaction, Dennis B. Story, Executive Vice President, Chief Financial Officer, and Treasurer of Manhattan Associates Inc. (NASDAQ:MANH), a supply chain software company with a market capitalization of $10.2 billion and strong financial health according to InvestingPro, sold 2,788 shares of the company’s common stock. The shares were sold at a weighted average price of $170.83, resulting in a total transaction value of approximately $476,264. Following this sale, Story now holds 101,263 shares directly. The transactions were executed at prices ranging from $170.80 to $170.92. This insider sale comes as the stock trades near its 52-week low, having declined over 34% in the past six months despite maintaining a robust 76% return on equity. InvestingPro analysis reveals 16 additional key insights about Manhattan Associates’ valuation and growth prospects, available in the comprehensive Pro Research Report.
In other recent news, Manhattan Associates has seen several notable developments. Truist Securities maintained its Buy rating for the company with a price target of $285, expressing confidence in its cloud innovation and expanding solutions. They anticipate a return to growth in the professional services segment by 2026, despite current setbacks. William Blair upgraded Manhattan Associates from Market Perform to Outperform, citing the company’s strong position in the supply chain software market and an improving financial profile. This upgrade follows an investor call introducing new CEO Eric Clark, succeeding Eddie Capel, who will retire in February 2025 but remain as Executive Vice-Chairman. Meanwhile, Raymond (NSE:RYMD) James reiterated an Outperform rating with a $270 price target, highlighting Capel’s impact on the company’s growth and the planned transition to Clark. The leadership change, announced after a two-year search, has been met with mixed reactions, reflecting investor sensitivity to executive transitions. Despite the stock’s recent decline, analysts remain optimistic about the company’s future under Clark’s leadership.
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