Brown Capital Management Reduces Stake in Manhattan Associates
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 23 2026
0mins
Should l Buy MANH?
Source: Fool
- Share Reduction Details: Brown Capital Management sold 232,073 shares of Manhattan Associates in Q4 2025, with an estimated transaction value of $42.42 million, reducing its stake from 3.54% to 2.67%, reflecting the firm's strategic response to market fluctuations.
- Financial Performance Overview: As of February 20, 2026, Manhattan's stock price stood at $144.27, down 28.4% year-over-year, significantly underperforming the S&P 500 by 42 percentage points, indicating market concerns regarding its growth prospects.
- Investor Reaction Analysis: While Brown's stake reduction raised market eyebrows, analysts suggest it is not a negative signal for Manhattan, as the firm has been gradually selling its position over the past nine quarters primarily to manage investor outflows.
- Future Outlook: Despite the risks posed by AI disruption, Manhattan's leadership in supply chain management and ongoing innovation suggest continued growth potential, with its current valuation at 21 times free cash flow viewed as a reasonable investment opportunity.
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Analyst Views on MANH
Wall Street analysts forecast MANH stock price to rise
8 Analyst Rating
6 Buy
2 Hold
0 Sell
Strong Buy
Current: 148.260
Low
165.00
Averages
224.57
High
250.00
Current: 148.260
Low
165.00
Averages
224.57
High
250.00
About MANH
Manhattan Associates, Inc. develops, sells, deploys, services and maintains software solutions designed to manage supply chains, inventory and omnichannel operations for retailers, wholesalers, manufacturers, logistics providers and other organizations. It operates in North and Latin America; Europe, the Middle East and Africa (EMEA); and the Asia Pacific (APAC) regions. It provides companies with the tools needed to manage distribution and optimize transportation costs throughout their entire commercial network. Its solutions consist of software, services, and hardware, which coordinate people, workflows, assets, events, and tasks holistically across the functions linked in a supply chain from planning through execution. These solutions help to coordinate the actions, data exchange, and communication of participants in supply chain ecosystems, such as manufacturers, suppliers, distributors, trading partners, transportation providers, among others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Manhattan Associates CFO Dennis Story to Retire
- Executive Transition: Manhattan Associates announced that CFO Dennis Story will retire on March 31, 2026, concluding his tenure since March 2006, which may impact the company's financial strategy and investor confidence.
- Succession Plan: Linda Pinnewill will succeed Story as Senior Vice President and CFO, Chief Accounting Officer, and Treasurer, and her extensive experience is expected to bring a fresh perspective to the company's financial management and support future growth.
- Advisory Role: Story will continue as an advisor to the CEO until the end of 2026, which helps ensure a smooth transition in management and mitigate uncertainties associated with executive changes.
- Future Outlook: Manhattan Associates targets a 21% growth in cloud revenue for 2026 and aims for $2.6B to $2.68B in RPO, indicating that strategic investments in AI and services will continue to drive business growth.
See More
Dennis Story to Retire as CFO of Manhattan Associates
- Executive Transition: Manhattan Associates announced that CFO Dennis Story will retire on March 31, 2026, with Linda Pinne succeeding him as CFO and Chief Accounting Officer, ensuring continuity in financial management during this transition.
- Financial Achievements: During Story's tenure as CFO since 2006, Manhattan's revenue increased by approximately 275%, operating cash flow surged by about 785%, and market capitalization grew over 50 times, underscoring his pivotal role in the company's financial strategy.
- Leadership Succession: Story will remain as an advisor to the CEO until the end of 2026 to facilitate a smooth transition, while Linda Pinne, with over 20 years of finance experience, is well-positioned to enhance the company's leadership in supply chain commerce.
- Financial Outlook: Manhattan reaffirms its 2026 financial guidance and will participate in upcoming investor conferences, showcasing its innovative capabilities in supply chain and omnichannel commerce solutions to further solidify its market position.
See More
Brown Capital Management Reduces Stake in Manhattan Associates
- Share Reduction Details: Brown Capital Management sold 232,073 shares of Manhattan Associates in Q4 2025, with an estimated transaction value of $42.42 million, reducing its stake from 3.54% to 2.67%, reflecting the firm's strategic response to market fluctuations.
- Financial Performance Overview: As of February 20, 2026, Manhattan's stock price stood at $144.27, down 28.4% year-over-year, significantly underperforming the S&P 500 by 42 percentage points, indicating market concerns regarding its growth prospects.
- Investor Reaction Analysis: While Brown's stake reduction raised market eyebrows, analysts suggest it is not a negative signal for Manhattan, as the firm has been gradually selling its position over the past nine quarters primarily to manage investor outflows.
- Future Outlook: Despite the risks posed by AI disruption, Manhattan's leadership in supply chain management and ongoing innovation suggest continued growth potential, with its current valuation at 21 times free cash flow viewed as a reasonable investment opportunity.
See More
Manhattan Associates Stock Outlook Remains Positive
- Price Target Adjustment: Raymond James lowered the price target for Manhattan Associates from $240 to $230 while maintaining an Outperform rating, reflecting confidence in the company's future performance despite potential short-term pressure on stock price due to the target cut.
- Performance Highlights: The company achieved a record remaining performance obligation (RPO) in Q4 2025, with a 23% annual recurring revenue (ARR) growth rate, indicating strong momentum in acquiring new clients, which lays a solid foundation for future revenue growth.
- Market Expectations: Despite broader software volatility, Raymond James believes that Manhattan Associates has unique catalysts to achieve over 20% subscription growth, indicating strong potential in the cloud computing sector.
- Buy Rating Maintained: Truist Securities reaffirmed its Buy rating on Manhattan Associates with a price target of $240, implying a 70.88% upside, showcasing analysts' optimistic outlook on the stock.
See More
Manhattan Associates Reports Record Q4 2025 Earnings and Cloud Growth
- Cloud Business Innovation: Manhattan Associates achieved record cloud bookings in Q4 2025, with cloud revenue reaching $109 million, a 20% year-over-year increase, indicating a stronger competitive position in the rapidly growing cloud market.
- Strong Financial Performance: The company reported total annual revenue of $1.08 billion, up 4%, with adjusted EPS at $5.06, reflecting sustained growth in revenue and profitability, thereby enhancing investor confidence.
- Organizational Restructuring: The reorganization of the global sales team and the hiring of new executives aim to improve sales efficiency and market responsiveness, a strategic move expected to drive future performance and strengthen competitive advantage.
- Optimistic Outlook: Management targets RPO of $2.62 billion to $2.68 billion for 2026, with cloud revenue projected to grow 21% to $492 million, demonstrating confidence in future growth and the ability to capitalize on market opportunities.
See More
Manhattan Associates Exceeds Q4 Earnings Expectations and Provides Strong 2026 Guidance
- Strong Earnings Report: Manhattan Associates reported a Q4 non-GAAP EPS of $1.21, beating expectations by $0.08, with revenue of $270.39 million reflecting a 5.7% year-over-year increase, indicating robust market performance.
- 2026 Revenue Guidance: The company projects total revenue for 2026 to range between $1.133 billion and $1.153 billion, with a growth rate of 5% to 7%, demonstrating confidence in future growth and positive market demand.
- Improved Operating Margins: Expected GAAP operating margins for 2026 are set between 24.1% and 24.7%, while adjusted operating margins are projected at 34.5% to 35.0%, reflecting ongoing efforts in cost control and efficiency improvements.
- Earnings Per Share Outlook: The company anticipates GAAP EPS for 2026 to be between $3.37 and $3.53, with adjusted EPS ranging from $5.04 to $5.20, showcasing stability in profitability and growth potential.
See More
Manhattan Associates CFO Dennis Story to Retire
- Executive Transition: Manhattan Associates announced that CFO Dennis Story will retire on March 31, 2026, concluding his tenure since March 2006, which may impact the company's financial strategy and investor confidence.
- Succession Plan: Linda Pinnewill will succeed Story as Senior Vice President and CFO, Chief Accounting Officer, and Treasurer, and her extensive experience is expected to bring a fresh perspective to the company's financial management and support future growth.
- Advisory Role: Story will continue as an advisor to the CEO until the end of 2026, which helps ensure a smooth transition in management and mitigate uncertainties associated with executive changes.
- Future Outlook: Manhattan Associates targets a 21% growth in cloud revenue for 2026 and aims for $2.6B to $2.68B in RPO, indicating that strategic investments in AI and services will continue to drive business growth.
See More
Dennis Story to Retire as CFO of Manhattan Associates
- Executive Transition: Manhattan Associates announced that CFO Dennis Story will retire on March 31, 2026, with Linda Pinne succeeding him as CFO and Chief Accounting Officer, ensuring continuity in financial management during this transition.
- Financial Achievements: During Story's tenure as CFO since 2006, Manhattan's revenue increased by approximately 275%, operating cash flow surged by about 785%, and market capitalization grew over 50 times, underscoring his pivotal role in the company's financial strategy.
- Leadership Succession: Story will remain as an advisor to the CEO until the end of 2026 to facilitate a smooth transition, while Linda Pinne, with over 20 years of finance experience, is well-positioned to enhance the company's leadership in supply chain commerce.
- Financial Outlook: Manhattan reaffirms its 2026 financial guidance and will participate in upcoming investor conferences, showcasing its innovative capabilities in supply chain and omnichannel commerce solutions to further solidify its market position.
See More
Brown Capital Management Reduces Stake in Manhattan Associates
- Share Reduction Details: Brown Capital Management sold 232,073 shares of Manhattan Associates in Q4 2025, with an estimated transaction value of $42.42 million, reducing its stake from 3.54% to 2.67%, reflecting the firm's strategic response to market fluctuations.
- Financial Performance Overview: As of February 20, 2026, Manhattan's stock price stood at $144.27, down 28.4% year-over-year, significantly underperforming the S&P 500 by 42 percentage points, indicating market concerns regarding its growth prospects.
- Investor Reaction Analysis: While Brown's stake reduction raised market eyebrows, analysts suggest it is not a negative signal for Manhattan, as the firm has been gradually selling its position over the past nine quarters primarily to manage investor outflows.
- Future Outlook: Despite the risks posed by AI disruption, Manhattan's leadership in supply chain management and ongoing innovation suggest continued growth potential, with its current valuation at 21 times free cash flow viewed as a reasonable investment opportunity.
See More
Manhattan Associates Stock Outlook Remains Positive
- Price Target Adjustment: Raymond James lowered the price target for Manhattan Associates from $240 to $230 while maintaining an Outperform rating, reflecting confidence in the company's future performance despite potential short-term pressure on stock price due to the target cut.
- Performance Highlights: The company achieved a record remaining performance obligation (RPO) in Q4 2025, with a 23% annual recurring revenue (ARR) growth rate, indicating strong momentum in acquiring new clients, which lays a solid foundation for future revenue growth.
- Market Expectations: Despite broader software volatility, Raymond James believes that Manhattan Associates has unique catalysts to achieve over 20% subscription growth, indicating strong potential in the cloud computing sector.
- Buy Rating Maintained: Truist Securities reaffirmed its Buy rating on Manhattan Associates with a price target of $240, implying a 70.88% upside, showcasing analysts' optimistic outlook on the stock.
See More
Manhattan Associates Reports Record Q4 2025 Earnings and Cloud Growth
- Cloud Business Innovation: Manhattan Associates achieved record cloud bookings in Q4 2025, with cloud revenue reaching $109 million, a 20% year-over-year increase, indicating a stronger competitive position in the rapidly growing cloud market.
- Strong Financial Performance: The company reported total annual revenue of $1.08 billion, up 4%, with adjusted EPS at $5.06, reflecting sustained growth in revenue and profitability, thereby enhancing investor confidence.
- Organizational Restructuring: The reorganization of the global sales team and the hiring of new executives aim to improve sales efficiency and market responsiveness, a strategic move expected to drive future performance and strengthen competitive advantage.
- Optimistic Outlook: Management targets RPO of $2.62 billion to $2.68 billion for 2026, with cloud revenue projected to grow 21% to $492 million, demonstrating confidence in future growth and the ability to capitalize on market opportunities.
See More
Manhattan Associates Exceeds Q4 Earnings Expectations and Provides Strong 2026 Guidance
- Strong Earnings Report: Manhattan Associates reported a Q4 non-GAAP EPS of $1.21, beating expectations by $0.08, with revenue of $270.39 million reflecting a 5.7% year-over-year increase, indicating robust market performance.
- 2026 Revenue Guidance: The company projects total revenue for 2026 to range between $1.133 billion and $1.153 billion, with a growth rate of 5% to 7%, demonstrating confidence in future growth and positive market demand.
- Improved Operating Margins: Expected GAAP operating margins for 2026 are set between 24.1% and 24.7%, while adjusted operating margins are projected at 34.5% to 35.0%, reflecting ongoing efforts in cost control and efficiency improvements.
- Earnings Per Share Outlook: The company anticipates GAAP EPS for 2026 to be between $3.37 and $3.53, with adjusted EPS ranging from $5.04 to $5.20, showcasing stability in profitability and growth potential.
See More
