Pattern Group Inc. (NASDAQ:PTRN) Receives $20.67 Consensus Target Price from Brokerages

Pattern Group Inc. (NASDAQ:PTRN) has been given an average recommendation of “Moderate Buy” by the twelve brokerages that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $20.6667.

PTRN has been the topic of a number of research analyst reports. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research note on Thursday, June 18th. Robert W. Baird dropped their price target on Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, March 6th. Needham & Company LLC boosted their price objective on Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen raised Pattern Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Stifel Nicolaus decreased their target price on Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, March 6th.

Insider Activity

In other news, Director Ann Mather sold 5,301 shares of the firm’s stock in a transaction 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 completion of the sale, the director directly owned 31,509 shares of the company’s stock, valued at $520,213.59. This trade represents a 14.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 70.97% of the stock is currently owned by corporate insiders.

Institutional Trading of Pattern Group

A number of large investors have recently bought and sold shares of the company. Sylebra Capital LLC purchased a new stake in Pattern Group in the first quarter worth $1,971,000. Weiss Asset Management LP purchased a new stake in Pattern Group in the first quarter worth $3,212,000. Public Employees Retirement System of Ohio increased its position in Pattern Group by 44.8% in the first quarter. Public Employees Retirement System of Ohio now owns 118,097 shares of the company’s stock worth $1,468,000 after buying an additional 36,539 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Pattern Group in the first quarter worth $561,000. Finally, Sei Investments Co. increased its position in Pattern Group by 43.7% in the first quarter. Sei Investments Co. now owns 102,721 shares of the company’s stock worth $1,277,000 after buying an additional 31,223 shares during the last quarter.

Pattern Group Price Performance

PTRN opened at $22.90 on Friday. The company’s 50-day moving average is $17.75 and its 200 day moving average is $14.20. Pattern Group has a fifty-two week low of $8.92 and a fifty-two week high of $23.03. The firm has a market capitalization of $3.55 billion and a P/E ratio of -12.25.

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

Pattern Group announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 5th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 5.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

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.