On July 29, Manhattan Associates surged 25.93% in regular trading, trading at $210.46/share, with turnover of $58.93 million. The stock rallied sharply following a strong Q2 earnings report and upgraded full-year guidance.
The company reported Q2 adjusted EPS of $1.39, beating the consensus estimate of $1.32 by 5.3% and rising 6.11% year-over-year. Revenue reached $297.8 million, exceeding the $287.9 million estimate by 3.4%. This marks the second consecutive quarter of significant beats, following a 10.71% EPS surprise in Q1. Management raised full-year revenue guidance to $1.16-$1.17 billion versus the $1.15 billion consensus, and adjusted EPS guidance to $5.44-$5.50 versus $5.37 expected.
Adding momentum, Loop Capital upgraded the stock to Buy from Hold with a price target of $215, up from $150. Management expressed confidence in business momentum despite global macro volatility, citing cloud subscription-driven profitability improvements. The company had also previously announced a 6% workforce reduction and expanded its share buyback program to $500 million, reinforcing long-term shareholder value.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments