Manhattan Associates is a high-quality software franchise with a wide economic moat, excellent cash conversion, and a four-quarter earnings beat streak averaging 12% positive surprise — but a rich 24x forward multiple, a confirmed technical downtrend including a death cross, and soft growth combine to make the risk/reward only marginally above the threshold, warranting patience for a better technical setup.
Thesis pillars
- Premium Multiple Modest Growth Mismatch↑Improving
- High Quality Moat Cash Conversion→Stable
- Consistent Large Earnings Beats↑Improving
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 4, 2026
Manhattan Associates, Inc. (MANH) Stock Analysis
Technology · Software - Application
Hold if already holding. Not a fresh buy at $239.73, but acceptable to hold if already in. Reasons: Concentration risk — Product: supply chain cloud solutions; Concentration risk — Supplier: Google Cloud Platform.
Manhattan Associates develops cloud-native supply chain execution, omnichannel commerce, and supply chain planning software, sold as multi-year SaaS subscriptions to retailers, wholesalers, manufacturers, and logistics providers globally. Revenue comes from subscription fees and... Read more
Hold if already holding. Not a fresh buy at $239.73, but acceptable to hold if already in. Reasons: Concentration risk — Product: supply chain cloud solutions; Concentration risk — Supplier: Google Cloud Platform. Chart setup: No clear chart pattern; technical signals are mixed. Multiple concerning factors. Consider reducing position. | News modifier +2 (SELL_IF_HOLDING → HOLD_IF_HOLDING) Score 5.3/10, moderate confidence.
Passes 7/9 gates (positive momentum, clean insider activity, news boost analyst 0.60, news boost analyst cluster(3), earnings proximity 96d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and 8k serious 2.05. Suitability: moderate.
About Manhattan Associates, Inc.
About Manhattan Associates, Inc.
Manhattan Associates powers supply chain and omnichannel commerce for retailers, wholesalers, manufacturers, and logistics providers across the Americas, EMEA, and APAC regions. The Manhattan Active platform runs exclusively on Google Cloud Platform as a cloud-native subscription service, with multi-year arrangements typically five years or longer, and delivers quarterly product updates to all users on a single versionless codebase—reflecting more than 30 years of implementation knowledge accumulated since the company's founding in 1990.
Revenue flows through two streams: subscription fees from multi-year cloud contracts and time-and-materials professional services for implementation, configuration, and ongoing support, with substantially all customers using some portion of professional services. The product portfolio spans three domains: Supply Chain Execution (warehouse and transportation management), Omnichannel Commerce (order management, POS, and customer engagement), and Supply Chain Planning (demand forecasting, replenishment, and allocation). Competition comes from ERP vendors including Oracle, SAP, and Infor, supply chain specialists such as Blue Yonder/Panasonic and E2Open, and POS vendors including Aptos and Salesforce. The company's largest end market, retail, faces ongoing disruption from e-commerce that could extend sales cycles for large cloud subscriptions and may weigh on revenues if traditional retailers delay capital commitments.
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Manhattan's versionless architecture creates meaningful switching costs: customers extend their systems using Manhattan ProActive, a developer toolkit embedded in every subscription, and all customizations sit atop the same codebase that receives quarterly updates—any migration would require rebuilding those integrations on a competing platform. The 10-K identifies the retail segment's disruption as a material risk, noting extended sales cycles for large cloud subscriptions "could have a material adverse effect" on results. In June 2026, Manhattan disclosed via Form 8-K a plan to reduce global headcount by approximately 6%, incurring $7–$9 million in severance charges in Q2 2026, while simultaneously reaffirming its full-year 2026 financial guidance.
See also: Technology · Software - Application
From Manhattan Associates, Inc.'s most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-10-29Recent Developments — Manhattan Associates, Inc.
Latest news
- NEWS Manhattan Associates, Inc. Stock 12‑Month Price Target Raised to $247.4, Implies 6% Upside - TradingView — TradingView positive
- NEWS MANH Investor News: Rosen Law Firm Announces Investigation - GlobeNewswire — GlobeNewswire negative
- NEWS WCM Investment Management LLC Makes New $980,000 Investment in Manhattan Associates, Inc. $MANH - MarketBeat — MarketBeat positive
- NEWS A Look at Manhattan Associates Inc (MANH) After 3.9% Decline -- GF Value $265.23 vs Price $159.12 - GuruFocus — GuruFocus negative
- NEWS Manhattan Associates Inc (MANH) Stock Up 6.2% and Still Underval - GuruFocus — GuruFocus positive
Generated 2026-10-29T11:14:33Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHProductsupply chain cloud solutions10-K Item 1A: 'Our operating results are substantially dependent on one line of business. We continue to derive our revenues from sales of our supply chain cloud solutions and related professional services.'
- HIGHSupplierGoogle Cloud Platform10-K Item 1: 'The server side full stack runs exclusively on Google Cloud Platform'
Material Events(8-K, last 90d)
- 2026-06-01Item 2.05MEDIUMManhattan Associates initiated a global headcount reduction of approximately 6% on June 1, 2026, expecting $7–$9 million in severance and one-time termination costs, substantially all cash, in Q2 2026. Plan expected substantially complete by end of Q2 2026. 2026 guidance reaffirmed.SEC filing →
- 2026-05-20Item 5.02LOWShareholders approved at the May 14, 2026 Annual Meeting the First Amendment to the 2020 Equity Incentive Plan, adding 3,000,000 shares and extending the plan term to March 20, 2036. No officer departure involved; routine compensatory arrangement.SEC filing →
- 2026-04-02Item 5.02LOWAmendment disclosing compensation for new CFO Linda Pinne (promoted from SVP Global Controller, effective April 1, 2026): $385,000 base salary, 65% bonus target, and 10,647 RSUs (50% service-based, 50% performance-based). Successor named; routine compensatory arrangement.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
2 floor-breakers
Growth below the gate floor. Component breakdown shows what dragged the score down.static
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $239.73, but acceptable to hold if already in. Reasons: Concentration risk — Product: supply chain cloud solutions; Concentration risk — Supplier: Google Cloud Platform. Chart setup: No clear chart pattern; technical signals are mixed. Multiple concerning factors. Consider reducing position. | News modifier +2 (SELL_IF_HOLDING → HOLD_IF_HOLDING) Analyst target $230.90 reached (−3.7%), stop $222.95 (−7.5%), A.R:R -0.3:1. Score 5.3/10, moderate confidence.
Analyst target $230.90 reached (−3.7% from $239.73); no take-profit level is published. Analyst target $230.90 reached (−3.7%), stop $222.95 (−7.5%), A.R:R -0.3:1. Stop-loss: $222.95.
Concentration risk — Product: supply chain cloud solutions; Concentration risk — Supplier: Google Cloud Platform; Analyst target reached - limited upside remaining.
Manhattan Associates, Inc. trades at a P/E of 67.2 (forward 38.8). TrendMatrix value score: 2.6/10. Verdict: Hold.
19 analysts cover MANH with a consensus score of 4.2/5. Average price target: $265.
What does Manhattan Associates, Inc. do?Manhattan Associates develops cloud-native supply chain execution, omnichannel commerce, and supply chain planning...
Manhattan Associates develops cloud-native supply chain execution, omnichannel commerce, and supply chain planning software, sold as multi-year SaaS subscriptions to retailers, wholesalers, manufacturers, and logistics providers globally. Revenue comes from subscription fees and professional services; the platform runs exclusively on Google Cloud Platform and delivers quarterly updates to all customers on a single versionless codebase.