Dragoneer Investment Group LLC Acquires Shares of 489,700 Pattern Group Inc. $PTRN

Key Points

• Dragoneer Investment Group acquired a new stake of 489,700 shares of Pattern Group (NASDAQ:PTRN) in Q3, valued at about $6.71 million, representing roughly 0.32% ownership and the firm's 25th-largest position, while several other institutions (e.g., Steadview, Teacher Retirement System of Texas) also initiated or increased stakes.
• Pattern Group reported Q results beating estimates with $0.16 EPS vs. $0.12 expected and revenue of $723.1M (up 40.3% year-over-year), and its board authorized a $100 million share buyback program to repurchase up to 5.6% of shares.
• Analyst sentiment is generally positive (ten Buys, one Hold, one Sell) with an average rating of "Moderate Buy" and an average price target of $20.22, though several firms recently trimmed targets into the $17–$21 range.

Dragoneer Investment Group LLC acquired a new stake in Pattern Group Inc. (NASDAQ:PTRN - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 489,700 shares of the company's stock, valued at approximately $6,709,000. Pattern Group accounts for about 0.1% of Dragoneer Investment Group LLC's investment portfolio, making the stock its 25th biggest position. Dragoneer Investment Group LLC owned approximately 0.32% of Pattern Group as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on PTRN shares. Weiss Ratings reiterated a "sell (d)" rating on shares of Pattern Group in a research report on Wednesday, December 24th. Needham & Company LLC reissued a "buy" rating and issued a $22.00 target price on shares of Pattern Group in a research report on Thursday, January 15th. Robert W. Baird decreased their price target 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. Stifel Nicolaus lowered their price target on shares of Pattern Group from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Friday, March 6th. Finally, JPMorgan Chase & Co. dropped their price objective 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. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Pattern Group presently has an average rating of "Moderate Buy" and an average price target of $20.22.

Pattern Group Stock Performance

PTRN stock opened at $11.35 on Friday. The firm has a market capitalization of $1.76 billion and a P/E ratio of -5.59. The company has a 50-day moving average of $12.43. Pattern Group Inc. has a 52 week low of $8.92 and a 52 week high of $20.10.

Pattern Group (NASDAQ:PTRN - Get Free Report) last issued its earnings results on Thursday, March 5th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.12 by $0.04. The firm had revenue of $723.10 million during the quarter, compared to analyst estimates of $691.35 million. The business's revenue was up 40.3% on a year-over-year basis.

Pattern Group declared that its board has initiated a stock repurchase program on Thursday, March 5th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 5.6% of its stock through open market purchases. Stock buyback programs are generally 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.

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