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Manhattan Associates Inc MANH

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Manhattan Issues Promising Outlook as Cloud Offerings Drive Growth; Raising FVE to $127

Dan Romanoff, CPA Senior Equity Analyst

Analyst Note

| Dan Romanoff, CPA |

Narrow-moat Manhattan Associates reported strong third-quarter results that came in nicely ahead of both guidance and our own revenue and adjusted EPS expectations. Management again raised guidance for fiscal 2021 as active transportation management gains traction and active warehouse management continues to experience accelerating growth. We see the move to the cloud across the portfolio combined with permanently changed consumer shopping patterns and a writhing supply chain as a perfect storm for Manhattan to uniquely benefit. While we have maintained a conservative view on Manhattan’s ability to drive margin expansion apace top line growth over the course of the model transition to the cloud, we consider the newly issued multiyear and detailed financial targets as very helpful and appropriate amidst the secular alignment of its cloud solutions with evolving consumer demands. As a result, we are raising our fair value estimate to $127 per share, from $107, but still recommend investors wait for a better entry point for the stock.

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Company Profile

Business Description

Manhattan Associates provides software that helps users manage their supply chains, inventory, and omnichannel operations. Customers are generally retailers, wholesalers, manufacturers, and logistics providers. The company was founded in 1990 and serves more than 1,200 customers around the world.

2300 Windy Ridge Parkway, Tenth Floor
Atlanta, GA, 30339
T +1 770 955-7070
Sector Technology
Industry Software - Application
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 3,500