Shares of Pattern Group Inc. (NASDAQ:PTRN – Get Free Report) have received an average recommendation of “Moderate Buy” from the twelve brokerages that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $20.6667.
Several brokerages recently weighed in on PTRN. Needham & Company LLC raised their price target on shares of Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Stifel Nicolaus cut their price target on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, March 6th. JPMorgan Chase & Co. boosted their price target on shares of Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Wall Street Zen upgraded shares of Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a report on Thursday, June 18th.
Get Our Latest Research Report on Pattern Group
Pattern Group Stock Performance
Pattern Group (NASDAQ:PTRN – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.06. The business had revenue of $773.73 million during the quarter, compared to the consensus estimate of $715.90 million. During the same period in the previous year, the business posted $0.17 EPS. Pattern Group’s revenue was up 43.2% compared to the same quarter last year. On average, sell-side analysts predict that Pattern Group will post 0.56 EPS for the current year.
Pattern Group declared that its board has authorized a stock repurchase program on Thursday, March 5th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
Insiders Place Their Bets
In related news, Director Ann Mather sold 5,301 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $16.51, for a total transaction of $87,519.51. Following the transaction, the director directly owned 31,509 shares in the company, valued at approximately $520,213.59. The trade was a 14.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 70.97% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Knox Lane LP purchased a new position in Pattern Group in the fourth quarter valued at about $325,157,000. Wasatch Advisors LP boosted its stake in Pattern Group by 21.8% in the first quarter. Wasatch Advisors LP now owns 2,442,394 shares of the company’s stock valued at $30,359,000 after acquiring an additional 436,870 shares during the last quarter. Norges Bank purchased a new position in Pattern Group in the fourth quarter valued at about $25,965,000. Loomis Sayles & Co. L P boosted its stake in Pattern Group by 28.7% in the fourth quarter. Loomis Sayles & Co. L P now owns 2,135,163 shares of the company’s stock valued at $24,640,000 after acquiring an additional 476,122 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Pattern Group by 1.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,101,545 shares of the company’s stock valued at $25,723,000 after acquiring 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.
Read More
- Five stocks we like better than Pattern Group
- MDA Space Targets US Defense Market With $620M Acquisition
- Carnival’s Second Quarter: Is the Stock Still Complicated?
- Domino’s Stock Slides to 52-Week Low as Investors Digest CEO Change
- Microsoft Solves AI’s Biggest Bottleneck With Chevron Deal
Receive News & Ratings for Pattern Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pattern Group and related companies with MarketBeat.com's FREE daily email newsletter.
