Manhattan Associates, Inc. research snapshot
MANH AI stock analysis currently reads Manhattan Associates as a high-quality supply chain commerce software company with record bookings, 26% cloud revenue growth, and a $2.5 billion RPO backlog. At the August 3, 2026 data cutoff, the latest verified close was $191.36 on July 31, 2026, and the market capitalization was about $11.16 billion. Q2 2026 results reported on July 28 beat expectations and led management to raise full-year revenue, margin, and EPS guidance. The main constraint is valuation: the stock traded at about 54.8 times TTM EPS and 32.9 times forward earnings. This page presents scenarios for information only and is not investment advice.
Current price
$191.36
Market cap
$11.16 billion
AI score
76 / 100
Rating
Strong supply chain commerce franchise with accelerating cloud and RPO momentum, offset by an expensive multiple and still-soft services growth
Trend status
Positive, trading above the 50-day and 200-day moving averages after a record Q2 earnings move
Data cutoff (updated monthly)
August 4, 2026
Informational use only. This page is not investment advice.
| Dimension | Conclusion | Confidence |
|---|---|---|
| Business quality | Manhattan coordinates warehouse, transportation, order, inventory, and omnichannel workflows. FY2025 revenue reached $1.081 billion and Q2 2026 revenue grew 9% year over year with 26% cloud growth. | High |
| Moat | The moat comes from mission-critical workflows, embedded customer data, implementation knowledge, platform breadth, switching costs, and a long WMS history. Management stated in Q2 that no customer has re-competed or left for another vendor. | High |
| Management | CEO Eric Clark is executing a go-to-market overhaul with three consecutive record bookings quarters and new Editions packaging. New CFO Linda Pinne took over while legacy CFO Dennis Story stayed as advisor; the team still needs a full-cycle execution record. | Medium |
| Financial trend | FY2021 to FY2025 revenue rose from $663.6 million to $1.081 billion, operating margin expanded from 20.2% to 25.9%, and TTM free cash flow reached $399.2 million. Q2 2026 beat on revenue and EPS. | High |
| Valuation | At $191.36, verified math shows about 54.8x TTM EPS, 32.9x forward EPS, 9.9x sales, 27.9x TTM free cash flow, and a 3.58% free-cash-flow yield. The price leaves limited room for a growth miss. | High |
| Technical trend | After the July 28 earnings report, MANH rose as much as 26.7% in two sessions and now trades above the 50-day and 200-day averages with positive short and long-term trends. RSI near 68 is strong but approaching overbought. | Medium |
| Risk level | Key risks include elevated valuation, weak services growth, EMEA implementation timing, cloud execution, strong software competition, FX swings, AI-driven product disruption, talent retention, and a 2026 fiduciary-duty investigation announced by a law firm. | Medium-high |
| AI confidence | High confidence for reported data and cross-checks, with medium confidence for technical timing and forward price ranges. | High data confidence |
| Investment certainty | Medium certainty. Manhattan is a strong business with improving momentum, but the current price requires durable cloud growth, RPO conversion, healthy margins, and continued customer adoption. | Medium |
MANH AI stock forecast
The MANH AI stock forecast uses a one to three year scenario framework around the $191.36 cutoff price. Consensus analysts see about $207 per share with a range of $180 to $240. The scenario ranges below depend on cloud growth, RPO conversion, services recovery, margins, and the multiple investors assign. They are scenario outputs, not promises or reliable price predictions.
$215 to $240
More likely if cloud subscriptions keep growing at a strong double-digit rate, RPO stays near the high end of the $2.62 to $2.68 billion target, Editions expands the addressable market, AI agents add attach revenue, services recovers, and investors keep a premium multiple near 35x forward earnings.
$170 to $205
More likely if revenue growth lands near the raised 2026 guidance of $1.160 to $1.166 billion, EPS compounds around 10% annually, adjusted operating margin holds near 35%, and the valuation settles in the high-20s to low-30s forward earnings multiple.
$120 to $155
More likely if large implementations are delayed, services and maintenance revenue keep falling, EMEA execution disappoints, cloud competition increases, AI reduces software differentiation, or investors re-rate MANH toward a mid-20s forward earnings multiple.
MANH AI technical analysis
MANH AI technical analysis turned positive after Q2 earnings as of the August 3, 2026 data cutoff, using the July 31 close of $191.36. StockAnalysis listed the 50-day average at $150.24 and the 200-day average at $155.64, with RSI near 68. ChartMill rated the technical picture 8 out of 10 with positive short and long term trends, a rising MACD of 3.72, and a key support zone between $153.61 and $153.66. No resistance zone was detected by ChartMill after the breakout, while the July 29 high near $215 and the 52-week area near $220 to $227 remain reference levels.
| Level | Value | Why it matters |
|---|---|---|
| Current price | $191.36 | StockAnalysis closing price on July 31, 2026, used for the valuation and market-cap calculations. |
| 20-day moving average | $163.24 SMA | ChartMill snapshot. Price closed well above the rising 20-day average after the earnings move. |
| 50-day moving average | $150.24 SMA | StockAnalysis daily statistics reference. Holding above this area keeps the recovery setup intact. |
| 200-day moving average | $155.64 SMA | StockAnalysis daily statistics reference. Price is above the 200-day average, a positive longer-term signal, though the average itself is still gently declining. |
| Resistance | $215 and $220 to $227 | ChartMill found no formal resistance zone after the breakout; the July 29 high near $215 and the 52-week area near $220 to $227 are practical reference levels. |
| Support | $153.61 to $153.66, then $131.23 | ChartMill identified a key support zone formed by trend lines and moving averages, with additional daily support near $131.23. A close below the zone would weaken the uptrend. |
| Momentum | RSI 67.9; MACD 3.72; ADX 25.83 | ChartMill showed RSI in neutral-to-strong territory, MACD above zero and rising, and a strengthening ADX trend. Momentum supports the recent advance but RSI is approaching overbought. |
| Volume and volatility | 732,006 average volume; ATR 5.24% | ChartMill reported an average volume of about 732,000 shares and an ATR of 5.24%. Volume expanded sharply on the earnings move. Confirm live data before acting. |
| Invalidation | Daily close below $153.61 | A close below the $153.61 support zone would invalidate the short-term uptrend and require a fresh risk review. |
MANH AI trading strategy
The MANH AI trading strategy is a rules-based framework for a high-quality enterprise software stock that just broke out on earnings. It is not personal advice. Any implementation should use a live chart, position sizing, a defined loss limit, earnings-date awareness, and checks on cloud growth, RPO, services revenue, FX, and valuation.
Watch for the stock to hold above the $163 to $168 area near the 10-day and 20-day averages, then build on the July 29 breakout toward the $215 high. Confirmation should include stable cloud growth, RPO conversion, Editions bookings, and no negative guidance change.
A failed rally followed by a close below the $153.61 support zone reduces confidence in the trend setup and would suggest waiting for a new base.
If MANH pulls back toward the $155 to $164 zone without a cloud, RPO, margin, FX, or guidance warning, compare the new price with forward P/E, FCF yield, net cash, and the expected EPS growth rate before considering a rules-based rebound setup.
Do not average down automatically. An enterprise software stock can fall further when large customer projects are delayed, FX turns, or a high multiple resets.
Track cloud subscription growth, RPO and its 24-month recognition, new Editions adoption, renewals, services recovery, EMEA timing, GAAP operating margin, stock-based compensation, buybacks, executive turnover, and AI agent attach each quarter.
Reduce confidence if EPS growth depends on buybacks or non-GAAP adjustments while revenue quality, services demand, or cash conversion deteriorates.
Investment research summary
Manhattan helps retailers, manufacturers, distributors, and logistics providers coordinate inventory, warehouse labor, transportation, orders, and omnichannel fulfillment. Customers pay because these workflows are mission-critical, operationally complex, and costly to replace once embedded.
The moat combines domain expertise, implementation history, customer data, platform breadth, switching costs, and scale in warehouse management and omnichannel commerce. Management said in Q2 2026 that no customer has re-competed or left for another vendor, which supports pricing power at renewal. The moat is meaningful but still exposed to SAP, Oracle, Blue Yonder, Descartes, and well-funded specialists.
The thesis fails if cloud migrations slow, services revenue stays weak, EMEA implementation timing worsens, customers consolidate vendors, product innovation slows, cybersecurity damages trust, FX swings persist, or AI makes parts of supply chain software easier to replace. The short case also argues that current margins and valuation may already assume successful execution.
Eric Clark became president and CEO in February 2025 after senior roles at NTT DATA, ServiceNow, Dell, and Hewlett Packard Enterprise. The go-to-market overhaul produced three consecutive record bookings quarters, 26% cloud growth, and a 2026 guidance raise. Linda Pinne took over as CFO in early 2026 while legacy CFO Dennis Story stayed as advisor. Management repurchased $275 million of stock in the first half of 2026.
Supply chains are becoming more digital, automated, and data-dependent as retailers manage omnichannel fulfillment, labor constraints, inventory complexity, tariffs, and resilience. This is a durable technology transition, but enterprise software budgets are cyclical, FX is volatile, and platform consolidation can shift bargaining power toward larger suites.
At about 54.8x TTM EPS, 32.9x forward EPS, and 9.9x sales, MANH is priced for continued quality and acceleration. The margin of safety improves only if cloud growth, RPO, cash flow, and customer retention remain strong while the price or multiple becomes more reasonable.
Source-backed data
Every metric below includes a source and last verification date.
| Metric | Value | Source | Last verified |
|---|---|---|---|
| Price and market capitalization | $191.36 closing price on July 31, 2026 and $11.16 billion market cap, verified as $191.36 x 58.30 million shares | StockAnalysis statistics and SEC Q2 2026 10-Q | August 3, 2026 |
| FY2025 revenue and mix | $1.081 billion total revenue; $408.1 million cloud subscriptions, $503.0 million services, and roughly 52% recurring revenue excluding license and hardware | SEC 2025 Form 10-K and 2026 proxy statement | August 3, 2026 |
| FY2021 to FY2025 financial trend | Revenue rose from $663.6 million to $1.081 billion; operating margin rose from 20.24% to 25.87%; TTM free cash flow was $399.19 million as of June 30, 2026 | StockAnalysis financials | August 3, 2026 |
| Q2 2026 results | $297.8 million revenue, $126.7 million cloud subscription revenue, $0.85 GAAP diluted EPS, and $1.39 adjusted diluted EPS | SEC Q2 2026 earnings release and Form 10-Q | August 3, 2026 |
| RPO and 2026 guidance | RPO was about $2.5 billion at June 30, 2026, up 23% year over year; 2026 guidance raised to $1.160 billion to $1.166 billion revenue with adjusted EPS of $5.44 to $5.50 | SEC Q2 2026 earnings release and Q2 2026 earnings call | August 3, 2026 |
| Cash, debt, buybacks, and free cash flow | $186.11 million cash, $53.88 million lease debt, $132.23 million net cash, $275 million buybacks in the first half of 2026, and $399.19 million TTM free cash flow | SEC Q2 2026 Form 10-Q and StockAnalysis | August 3, 2026 |
| Analyst consensus | 12 analysts with a Buy consensus, average price target of $207, and a range of $180 to $240 | S&P Global via StockAnalysis forecast | August 3, 2026 |
| Technical snapshot | $150.24 50-day average, $155.64 200-day average, RSI 67.9, support at $153.61 to $153.66, and the July 29 high near $215 as reference resistance | StockAnalysis and ChartMill | August 3, 2026 |
| Management and ownership | Eric Clark is president and CEO, Linda Pinne is CFO, Dennis Story is advisor to the CEO, and insider ownership was reported at 0.99% | Manhattan leadership page and 2026 proxy statement | August 3, 2026 |
This MANH page is an informational research tool, not investment advice, a recommendation, or a promise of returns. Forecasts are scenario ranges based on available data and assumptions that may be wrong. Verify current filings, prices, technical levels, and your own risk constraints before making any decision.
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