Needham & Company LLC Forecasts Strong Price Appreciation for Pattern Group (NASDAQ:PTRN) Stock

Pattern Group (NASDAQ:PTRN) had its target price raised by research analysts at Needham & Company LLC from $22.00 to $24.00 in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 50.75% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Pattern Group from $21.00 to $17.00 and set an “overweight” rating on the stock in a research note on Friday, March 6th. Stifel Nicolaus dropped their price objective on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, March 6th. Finally, Robert W. Baird dropped their price objective on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Friday, March 6th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.67.

Pattern Group Trading Down 6.1%

NASDAQ:PTRN opened at $15.92 on Thursday. The stock has a market capitalization of $2.47 billion and a price-to-earnings ratio of -7.84. The firm has a fifty day simple moving average of $12.42 and a two-hundred day simple moving average of $13.35. Pattern Group has a 12 month low of $8.92 and a 12 month high of $20.10.

Pattern Group (NASDAQ:PTRN) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. The company had revenue of $773.73 million during the quarter, compared to analyst estimates of $715.90 million. The company’s revenue for the quarter was up 43.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.17 earnings per share. Equities analysts predict that Pattern Group will post 0.46 earnings per share for the current fiscal year.

Pattern Group declared that its board has authorized a share repurchase plan 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 shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Clearstead Advisors LLC lifted its position in shares of Pattern Group by 222.0% during the fourth quarter. Clearstead Advisors LLC now owns 2,373 shares of the company’s stock valued at $27,000 after purchasing an additional 1,636 shares in the last quarter. Roxbury Financial LLC purchased a new stake in Pattern Group during the first quarter worth about $40,000. Barclays PLC increased its holdings in Pattern Group by 25.2% during the fourth quarter. Barclays PLC now owns 16,652 shares of the company’s stock worth $192,000 after buying an additional 3,352 shares during the last quarter. Federation des caisses Desjardins du Quebec purchased a new stake in Pattern Group during the fourth quarter worth about $58,000. Finally, PNC Financial Services Group Inc. purchased a new stake in Pattern Group during the third quarter worth about $89,000.

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.