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MANH · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Manhattan Associates Inc (MANH) stock moving?
Third-quarter results on Oct 27 were strong on the top line: revenue rose 11% to $306.2M, cloud subscription revenue grew 28% to $134.4M, RPO reached $2.59B (up 25%), and adjusted EPS was $1.55 versus $1.36. Cash flow from operations fell to $68.6M from $93.1M, and days sales outstanding rose to 81 from 67, which weakens the quality-of-earnings picture. The stock gapped up on Oct 28 from $233.98 to open at $250.50 on heavy volume, then climbed to a $263.47 intraday high on Nov 4. Five analysts raised targets after the report, ranging from $230 (DA Davidson, Neutral) to $305 (Truist, Buy), with an average near $278, about 8% above the Nov 10 close of $257.54. Offsetting these positives, a securities fraud class action filed Nov 3 alleges misleading FY2025 revenue guidance, and Benzinga flagged the stock as overbought with RSI above 70. Trading volume has eased from the Oct 29 peak of 2.24M shares, and the stock has held a band of roughly $251 to $263 since Nov 4. Overall the evidence leans modestly positive, but the lawsuit and overbought readings keep near-term conviction limited.
News behind the analysis
- Barclays Raises Price Target on Manhattan AssociatesBarclays kept its Overweight rating and raised its price target to $275 from $239.
- Barclays Maintains Overweight on Manhattan Associates, Raises Price Target to $275Barclays reiterated its Overweight rating on Manhattan Associates and lifted its price target to $275.
- Securities Fraud Class Action Lawsuit Filed Against Manhattan AssociatesA securities fraud class action alleges the company misled investors about its fiscal 2025 revenue guidance and professional services growth.
- Top 3 Tech Stocks That May Crash This MonthBenzinga flags Manhattan Associates, along with Motorola Solutions and PTC, as overbought with RSI readings above 70, which can signal a possible pullback.
- Citigroup Maintains Buy on Manhattan Associates, Raises Price Target to $280Citigroup kept its Buy rating and raised its price target to $280 after the quarterly report.
- DA Davidson Maintains Neutral on Manhattan Associates, Raises Price Target to $230DA Davidson kept a Neutral rating and raised its price target to $230.
- Truist Securities Reiterates Buy on Manhattan Associates, Raises Price Target to $305Truist reiterated its Buy rating and raised its price target to $305.
- Stifel Maintains Buy on Manhattan Associates, Raises Price Target to $300Stifel kept its Buy rating and raised its price target to $300.
- Truist Adjusts Price Target on Manhattan Associates to $305 From $240, Maintains Buy RatingTruist raised its price target to $305 from $240 and kept its Buy rating.
About Manhattan Associates Inc
Manhattan Associates is an Atlanta-based software company that makes supply chain and omnichannel commerce software, including warehouse management, transportation management and order management tools used by big retailers, manufacturers and distributors. It stands out for its cloud-native Manhattan Active platform and its ongoing move from one-time licenses to cloud subscriptions. In Q3 2026, cloud revenue overtook services revenue for the first time.
How it makes money
It makes money from cloud subscriptions (about 44% of revenue in Q3 2026, growing roughly 28% a year), from consulting and implementation services (about 44%), and from a shrinking stream of software maintenance and license fees plus some hardware resale. Total revenue for 2026 is guided at about $1.18 billion. Contracted future revenue (RPO, revenue it has signed but not yet booked) is about $2.5 billion or more.
What usually moves MANH
- Cloud bookings and RPO growth
- Enterprise and retail spending on supply chain technology
- Services revenue trends and implementation demand
- Adoption of AI agents and new product features
- Macroeconomic and tariff-related uncertainty for customers