Brokerages Set Pattern Group Inc. (NASDAQ:PTRN) Price Target at $20.22

Pattern Group Inc. (NASDAQ:PTRN) has been assigned a consensus rating of “Moderate Buy” from the twelve ratings firms that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and ten have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $20.2222.

A number of analysts have recently commented on PTRN shares. JPMorgan Chase & Co. cut their target price on shares of Pattern Group from $21.00 to $17.00 and set an “overweight” rating for the company in a research note on Friday, March 6th. Jefferies Financial Group set a $20.00 price objective on Pattern Group in a report on Thursday, December 11th. Robert W. Baird cut their price objective on Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday, March 6th. Needham & Company LLC reissued a “buy” rating and set a $22.00 target price on shares of Pattern Group in a report on Thursday, January 15th. Finally, Stifel Nicolaus decreased their target price on Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, March 6th.

Hedge Funds Weigh In On Pattern Group

A number of institutional investors and hedge funds have recently bought and sold shares of PTRN. SG Americas Securities LLC purchased a new stake in Pattern Group during the 3rd quarter valued at about $168,000. Steadview Capital Management LLC purchased a new position in Pattern Group in the 3rd quarter worth approximately $5,480,000. Teacher Retirement System of Texas purchased a new position in Pattern Group in the 3rd quarter worth approximately $2,740,000. Copia Wealth Management acquired a new position in shares of Pattern Group during the 3rd quarter worth approximately $294,000. Finally, Federated Hermes Inc. purchased a new stake in shares of Pattern Group in the third quarter valued at approximately $247,000.

Pattern Group Stock Performance

Shares of NASDAQ PTRN opened at $11.29 on Friday. The stock has a market cap of $1.75 billion and a price-to-earnings ratio of -5.56. The business has a fifty day moving average of $12.27. Pattern Group has a one year low of $8.92 and a one year high of $20.10.

Pattern Group (NASDAQ:PTRN) last posted its quarterly earnings data on Thursday, March 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.04. The company had revenue of $723.10 million for the quarter, compared to analysts’ expectations of $691.35 million. The firm’s revenue for the quarter was up 40.3% compared to the same quarter last year.

Pattern Group announced that its board has initiated a share buyback program on Thursday, March 5th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 5.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are 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.