The shares were sold at prices ranging from $289.56 to $291.21, generating approximately $1.2 million in proceeds. Following these transactions, Richards holds 22,086 shares directly. These sales are part of routine insider trading activities reported to the SEC. With the stock trading near its 52-week high and showing signs of being overvalued based on InvestingPro's Fair Value assessment, investors can access detailed valuation analysis and 15 additional ProTips through the comprehensive Pro Research Report available on InvestingPro. With the stock trading near its 52-week high and showing signs of being overvalued based on InvestingPro's Fair Value assessment, investors can access detailed valuation analysis and 15 additional ProTips through the comprehensive Pro Research Report available on InvestingPro. The shares were sold at prices ranging from $289.56 to $291.21, generating approximately $1.2 million in proceeds. Following these transactions, Richards holds 22,086 shares directly. These sales are part of routine insider trading activities reported to the SEC.
In other recent news, Manhattan Associates (NASDAQ:MANH) has been the subject of bullish coverage by Piper Sandler, which has initiated an Overweight rating on the company's stock. The firm's analysis points to Manhattan Associates' potential for cloud growth, citing a migration opportunity exceeding $3 billion. Piper Sandler also highlighted a mandated SAP migration, estimated to be a $375 million opportunity, as a significant factor for the company's future prospects.
In the realm of earnings and revenue, Manhattan Associates reported robust Q3 results, 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.
In addition, Manhattan Associates has announced preliminary targets for 2025, including total revenue of $1.13 billion to $1.14 billion and a cloud revenue growth of 23%. The company's 2024 revenue guidance has been tightened to a range of $1.039 billion to $1.041 billion, with a raised operating margin midpoint to 34%. These recent developments underscore Manhattan Associates' strong growth trajectory, fueled by robust demand for its cloud-based solutions and services.
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