Norges Bank Buys Shares of 2,250,000 Pattern Group Inc. $PTRN

Norges Bank bought a new stake in Pattern Group Inc. (NASDAQ:PTRN) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,250,000 shares of the company’s stock, valued at approximately $25,965,000. Norges Bank owned approximately 1.46% of Pattern Group as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Clearstead Advisors LLC grew its holdings in shares of Pattern Group by 222.0% during the 4th quarter. Clearstead Advisors LLC now owns 2,373 shares of the company’s stock worth $27,000 after purchasing an additional 1,636 shares during the period. PNC Financial Services Group Inc. purchased a new position in shares of Pattern Group during the 3rd quarter worth $89,000. FNY Investment Advisers LLC purchased a new position in shares of Pattern Group during the 3rd quarter worth $137,000. Susquehanna International Group LLP purchased a new position in shares of Pattern Group during the 3rd quarter worth $137,000. Finally, Greenland Capital Management LP purchased a new position in shares of Pattern Group during the 3rd quarter worth $174,000.

Pattern Group Price Performance

PTRN stock opened at $20.41 on Wednesday. The firm has a market capitalization of $3.17 billion and a P/E ratio of -10.91. The business’s 50-day moving average is $15.56 and its two-hundred day moving average is $13.60. Pattern Group Inc. has a 1 year low of $8.92 and a 1 year high of $20.82.

Pattern Group (NASDAQ:PTRN) last issued its earnings results on Wednesday, May 6th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.06. The business had revenue of $773.73 million for the quarter, compared to analyst estimates of $715.90 million. Pattern Group’s revenue was up 43.2% on a year-over-year basis. During the same period last year, the business posted $0.17 EPS. On average, analysts expect that Pattern Group Inc. will post 0.56 EPS for the current year.

Pattern Group declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 5th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Pattern Group news, Director Ann Mather sold 5,301 shares of Pattern Group stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $16.51, for a total transaction of $87,519.51. Following the transaction, the director owned 31,509 shares of the company’s stock, valued at $520,213.59. The trade was a 14.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 70.97% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PTRN has been the subject of a number of research analyst reports. Wall Street Zen upgraded Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Needham & Company LLC raised their target price on Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Robert W. Baird lowered their target price on Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, March 6th. JPMorgan Chase & Co. raised their target price on Pattern Group from $17.00 to $19.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.67.

Pattern Group Company Profile

At Pattern, we are on a mission to help brands accelerate profitable growth on global ecommerce marketplaces. Today, our proprietary technology and on-demand experts operate across more than 60 marketplaces to increase product sales to consumers in more than 100 countries. Utilizing more than 46 trillion data points and sophisticated machine learning and artificial intelligence (“AI”) models, we strive to optimize and automate key levers of ecommerce growth, including advertising, content creation and management, pricing, forecasting and customer service.