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

Pattern Group Inc. (NASDAQ:PTRN) has earned an average recommendation of “Moderate Buy” from the twelve brokerages that are covering the firm, Marketbeat Ratings 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 twelve-month price objective among brokerages that have issued a report on the stock in the last year is $20.6667.

PTRN has been the subject of several recent analyst reports. Needham & Company LLC lifted their price target on Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday. Stifel Nicolaus lowered their price target 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. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research report on Monday, March 23rd. Robert W. Baird reduced their target price 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. Finally, Wall Street Zen raised Pattern Group from a “hold” rating to a “buy” rating in a research note on Saturday.

Pattern Group Stock Performance

PTRN stock opened at $15.92 on Friday. The firm has a market cap of $2.47 billion and a PE ratio of -7.84. The firm’s fifty day moving average is $12.42 and its 200 day moving average is $13.35. Pattern Group has a one year low of $8.92 and a one year high of $20.10.

Pattern Group (NASDAQ:PTRN) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.16 earnings per share 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 analyst estimates of $715.90 million. During the same quarter last year, the company posted $0.17 EPS. The company’s revenue was up 43.2% on a year-over-year basis. Research analysts predict that Pattern Group will post 0.46 earnings per share for the current fiscal year.

Pattern Group announced that its Board of Directors has approved a stock repurchase program on Thursday, March 5th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 5.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Pattern Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas acquired a new position in shares of Pattern Group during the 3rd quarter worth about $2,740,000. Hudson Bay Capital Management LP purchased a new stake in Pattern Group during the 3rd quarter worth approximately $1,649,000. Dragoneer Investment Group LLC purchased a new stake in Pattern Group during the 3rd quarter worth approximately $6,709,000. Monashee Investment Management LLC acquired a new position in shares of Pattern Group during the third quarter valued at approximately $2,055,000. Finally, Capelight Capital Asset Management LP purchased a new position in shares of Pattern Group in the fourth quarter valued at approximately $923,000.

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.