Pattern Group Inc. $PTRN Shares Acquired by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC raised its stake in Pattern Group by 8.9% to 2,077,956 shares (a 1.34% ownership) valued at about $23.9 million, according to its latest 13F filing.
• Pattern Group beat quarterly expectations with $0.16 EPS versus $0.12 expected and reported revenue of $723.1 million, up 40.3% year-over-year.
• The board approved a $100 million share buyback (up to 5.6% of shares), and analysts hold a consensus "Moderate Buy" rating with a $20.22 average price target.

Allspring Global Investments Holdings LLC increased its holdings in Pattern Group Inc. (NASDAQ:PTRN - Free Report) by 8.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,077,956 shares of the company's stock after purchasing an additional 169,297 shares during the period. Allspring Global Investments Holdings LLC owned 1.34% of Pattern Group worth $23,896,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL purchased a new stake in Pattern Group in the 3rd quarter valued at about $4,385,000. FNY Investment Advisers LLC acquired a new stake in shares of Pattern Group in the third quarter worth approximately $137,000. Hudson Bay Capital Management LP purchased a new stake in Pattern Group in the third quarter valued at approximately $1,649,000. Woodline Partners LP purchased a new stake in Pattern Group in the third quarter valued at approximately $19,678,000. Finally, Alyeska Investment Group L.P. acquired a new position in Pattern Group during the third quarter worth approximately $15,755,000.

Pattern Group Price Performance

PTRN stock opened at $12.57 on Friday. The stock's 50 day moving average is $11.89. The firm has a market capitalization of $1.95 billion and a P/E ratio of -6.19. Pattern Group Inc. has a twelve month low of $8.92 and a twelve month high of $20.10.

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

Pattern Group declared that its board has approved a share buyback program on Thursday, March 5th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 5.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have weighed in on PTRN. Needham & Company LLC reiterated a "buy" rating and issued a $22.00 price target on shares of Pattern Group in a report on Thursday, January 15th. 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 report on Friday, March 6th. JPMorgan Chase & Co. cut their target price on Pattern Group from $21.00 to $17.00 and set an "overweight" rating on the stock in a research report on Friday, March 6th. Jefferies Financial Group set a $20.00 target price on Pattern Group in a report on Thursday, December 11th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Pattern Group in a research report on Monday, March 23rd. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.22.

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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