Pattern Group Inc. $PTRN Shares Bought by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP boosted its stake in shares of Pattern Group Inc. (NASDAQ:PTRN) by 4.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,184,716 shares of the company’s stock after buying an additional 48,837 shares during the quarter. Westfield Capital Management Co. LP owned 0.77% of Pattern Group worth $13,672,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in Pattern Group during the fourth quarter worth about $25,965,000. Allspring Global Investments Holdings LLC increased its stake in Pattern Group by 8.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,077,956 shares of the company’s stock valued at $23,896,000 after purchasing an additional 169,297 shares in the last quarter. Capital World Investors purchased a new position in Pattern Group in the 3rd quarter valued at approximately $23,975,000. Vanguard Group Inc. purchased a new position in Pattern Group in the 3rd quarter valued at approximately $20,640,000. Finally, Woodline Partners LP purchased a new position in Pattern Group in the 3rd quarter valued at approximately $19,678,000.

Insider Activity at Pattern Group

In other news, Director Ann Mather sold 5,301 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $16.51, for a total value of $87,519.51. Following the sale, the director directly owned 31,509 shares in the company, valued at $520,213.59. This represents a 14.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 70.97% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PTRN has been the subject of several research analyst reports. Robert W. Baird dropped 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. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Pattern Group in a research note on Monday, March 23rd. JPMorgan Chase & Co. increased their price objective on shares of Pattern Group from $17.00 to $19.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Stifel Nicolaus lowered 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, Needham & Company LLC increased their price objective on shares of Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Ten investment 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $20.67.

Pattern Group Price Performance

PTRN stock opened at $19.55 on Friday. The company’s 50 day simple moving average is $15.24 and its 200-day simple moving average is $13.55. The firm has a market capitalization of $3.03 billion and a PE ratio of -10.45. Pattern Group Inc. has a 12 month low of $8.92 and a 12 month high of $20.82.

Pattern Group (NASDAQ:PTRN) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.16 EPS 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 analyst estimates of $715.90 million. The firm’s revenue for the quarter was up 43.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.17 earnings per share. As a group, sell-side analysts anticipate that Pattern Group Inc. will post 0.56 earnings per share for the current year.

Pattern Group announced that its Board of Directors has initiated a share buyback program on Thursday, March 5th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire 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.

Pattern Group 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.