Manhattan Associates (MANH) experienced a significant decline during intraday trading on Wednesday, with its stock price plummeting 5.16%.

The sharp drop appears to be driven by negative analyst sentiment, as multiple firms lowered their price targets for the company. Raymond James reduced its target to $230 from $240, while D.A. Davidson cut its target to $240 from $250, though maintained a Buy rating on the shares.

These downward revisions in price targets from prominent analysts contributed to selling pressure on the stock, reflecting concerns or adjusted expectations about the company's future performance.