Wall Street Zen upgraded shares of Pattern Group (NASDAQ:PTRN – Free Report) from a hold rating to a buy rating in a research note released on Saturday morning.
Several other equities research analysts have also recently weighed in on the stock. Robert W. Baird decreased their price objective on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Friday, March 6th. JPMorgan Chase & Co. increased their price objective on shares of Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a research report on Monday, March 23rd. Stifel Nicolaus decreased their price objective on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, March 6th. Finally, Needham & Company LLC increased their price objective on shares of Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.67.
Get Our Latest Stock Analysis on PTRN
Pattern Group Stock Up 0.8%
Pattern Group (NASDAQ:PTRN – Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $773.73 million for the quarter, compared to analyst estimates of $715.90 million. During the same quarter last year, the company earned $0.17 earnings per share. The company’s quarterly revenue was up 43.2% compared to the same quarter last year. Sell-side analysts anticipate that Pattern Group will post 0.56 EPS for the current fiscal year.
Pattern Group declared that its Board of Directors has initiated a share repurchase plan on Thursday, March 5th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 5.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Knox Lane LP purchased a new position in Pattern Group during the fourth quarter worth about $325,157,000. Wasatch Advisors LP boosted its holdings in Pattern Group by 21.8% during the first quarter. Wasatch Advisors LP now owns 2,442,394 shares of the company’s stock worth $30,359,000 after purchasing an additional 436,870 shares during the last quarter. Norges Bank purchased a new position in Pattern Group during the fourth quarter worth about $25,965,000. Loomis Sayles & Co. L P boosted its holdings in Pattern Group by 28.7% during the fourth quarter. Loomis Sayles & Co. L P now owns 2,135,163 shares of the company’s stock worth $24,640,000 after purchasing an additional 476,122 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Pattern Group by 1.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,101,545 shares of the company’s stock worth $25,723,000 after purchasing an additional 23,589 shares during the last quarter.
About Pattern Group
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.
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