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

Pattern Group (NASDAQ:PTRN - Get Free Report) had its price target raised by investment analysts at Needham & Company LLC from $22.00 to $24.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's target price points to a potential upside of 68.42% from the stock's previous close.

PTRN has been the subject of several other research reports. Robert W. Baird reduced their price target on shares of Pattern Group from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Friday, March 6th. Weiss Ratings restated a "sell (d)" rating on shares of Pattern Group in a report on Monday, March 23rd. Stifel Nicolaus reduced their price objective on shares of Pattern Group from $22.00 to $21.00 and set a "buy" rating for the company in a report on Friday, March 6th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Pattern Group from $21.00 to $17.00 and set an "overweight" rating for the company in a research report on Friday, March 6th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Pattern Group currently has an average rating of "Moderate Buy" and a consensus price target of $20.44.

Pattern Group Stock Performance

PTRN stock opened at $14.25 on Thursday. The stock's 50 day simple moving average is $12.27 and its 200 day simple moving average is $13.33. Pattern Group has a fifty-two week low of $8.92 and a fifty-two week high of $20.10. The company has a market cap of $2.21 billion and a P/E ratio of -7.02.

Pattern Group (NASDAQ:PTRN - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.06. The firm's revenue for the quarter was up 43.2% on a year-over-year basis. During the same period last year, the firm posted $0.17 earnings per share. Equities analysts predict that Pattern Group will post 0.46 earnings per share for the current year.

Pattern Group declared that its board has initiated a stock repurchase plan on Thursday, March 5th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 5.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Institutional Trading of Pattern Group

A number of hedge funds have recently bought and sold shares of PTRN. Allspring Global Investments Holdings LLC boosted its position in Pattern Group by 1.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,101,545 shares of the company's stock worth $25,723,000 after purchasing an additional 23,589 shares during the last quarter. Wasatch Advisors LP raised its stake in shares of Pattern Group by 21.8% during the 1st quarter. Wasatch Advisors LP now owns 2,442,394 shares of the company's stock worth $30,359,000 after purchasing an additional 436,870 shares during the period. Roxbury Financial LLC purchased a new position in shares of Pattern Group in the 1st quarter worth about $40,000. Hsbc Holdings PLC purchased a new position in shares of Pattern Group in the 4th quarter worth about $188,000. Finally, Jacobs Equity LLC bought a new position in Pattern Group during the fourth quarter valued at about $151,000.

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.

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