Wasatch Advisors LP Purchases 436,870 Shares of Pattern Group Inc. $PTRN

Wasatch Advisors LP lifted its holdings in Pattern Group Inc. (NASDAQ:PTRN) by 21.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,442,394 shares of the company’s stock after purchasing an additional 436,870 shares during the quarter. Wasatch Advisors LP owned 1.58% of Pattern Group worth $30,359,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Capelight Capital Asset Management LP bought a new stake in shares of Pattern Group in the 4th quarter worth about $923,000. Hudson Bay Capital Management LP bought a new position in shares of Pattern Group in the 3rd quarter valued at about $1,649,000. Monashee Investment Management LLC bought a new position in shares of Pattern Group in the 3rd quarter valued at about $2,055,000. Dragoneer Investment Group LLC purchased a new position in Pattern Group in the third quarter worth about $6,709,000. Finally, Westfield Capital Management Co. LP bought a new stake in Pattern Group during the third quarter worth approximately $15,562,000.

Insider Buying and Selling at Pattern Group

In related news, Director Ann Mather sold 5,301 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $16.51, for a total transaction of $87,519.51. Following the completion of the sale, the director directly owned 31,509 shares of the company’s stock, valued at approximately $520,213.59. This trade represents a 14.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 70.97% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PTRN shares. JPMorgan Chase & Co. upped their price objective on Pattern Group from $17.00 to $19.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Robert W. Baird cut their target price on Pattern Group from $22.00 to $20.00 and set an “outperform” 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 report on Thursday, June 18th. Finally, Needham & Company LLC raised their price target on Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.67.

Pattern Group Trading Up 5.1%

Shares of NASDAQ:PTRN opened at $22.90 on Friday. Pattern Group Inc. has a 12 month low of $8.92 and a 12 month high of $23.03. The company has a market capitalization of $3.55 billion and a price-to-earnings ratio of -12.25. The firm’s 50-day moving average is $17.75 and its 200 day moving average is $14.20.

Pattern Group (NASDAQ:PTRN) last announced its earnings results on Wednesday, May 6th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.06. The business had revenue of $773.73 million for the quarter, compared to analysts’ expectations of $715.90 million. The firm’s quarterly revenue was up 43.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.17 EPS. As a group, equities analysts forecast that Pattern Group Inc. will post 0.56 EPS for the current fiscal year.

Pattern Group announced that its board has authorized a stock repurchase program on Thursday, March 5th that allows the company to buyback $100.00 million in shares. This buyback authorization allows 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 management 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.