Yahoo Finance What Makes Manhattan Associates (MANH) an Investment Choice?
Baird Equity Asset Management, an investment management company, released its “Baird Mid Cap Growth Equity Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The strategy returned -8.9%, net of fees, in the second quarter, compared to the Russell Midcap Growth’s -3.2% decline. It was a challenging quarter due to portfolio positioning and ongoing benchmark factor headwinds, which negatively impacted the relative performance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baird Mid Cap Growth Equity Strategy highlighted stocks like Manhattan Associates, Inc. (NASDAQ:MANH), in second quarter 2024 investor letter. Manhattan Associates, Inc. (NASDAQ:MANH) provides software solutions to manage supply chains, inventory, and omnichannel operations. The one-month return of Manhattan Associates, Inc. (NASDAQ:MANH) was 7.33%, and its shares gained 43.58% of their value over the last 52 weeks. On September 26, 2024, Manhattan Associates, Inc. (NASDAQ:MANH) stock closed at $283.81 per share with a market capitalization of $17.382 billion.
Baird Mid Cap Growth Equity Strategy stated the following regarding Manhattan Associates, Inc. (NASDAQ:MANH) in its Q2 2024 investor letter:
"We made several adjustments to our technology sector mix. We also added Manhattan Associates, Inc. (NASDAQ:MANH) and Vertiv Holdings. Manhattan Associates provides enterprise grade warehouse management software. As a market leader, we believe Manhattan will benefit from a continuation of legacy software upgrades."
A woman and man in formal attire in a meeting room discussing the latest enterprise solutions technology from the company.
Manhattan Associates, Inc. (NASDAQ:MANH) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Manhattan Associates, Inc. (NASDAQ:MANH) at the end of the second quarter which was 32 in the previous quarter. Manhattan Associates, Inc.'s (NASDAQ:MANH) second quarter revenue increased 15% to $265 million and adjusted earnings per share increased 34% to $1.18. While we acknowledge the potential of Manhattan Associates, Inc. (NASDAQ:MANH) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Manhattan Associates, Inc. (NASDAQ:MANH) and shared The Brown Capital Management Mid Company Fund's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
