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

Key Points

• Needham raised Pattern Group’s price target from $24 to $29 and maintained a “buy” rating, implying 22.73% potential upside from the current price.
• Analyst sentiment is broadly positive, with nine Buy, two Hold, and one Sell rating; the consensus rating is “Moderate Buy” with a $24.56 target price.
• Pattern Group exceeded quarterly earnings expectations, reporting $0.15 per share versus the $0.12 consensus estimate, on revenue of $876.77 million.

Pattern Group (NASDAQ:PTRN - Get Free Report) had its target price upped by equities research analysts at Needham & Company LLC from $24.00 to $29.00 in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price objective would indicate a potential upside of 22.73% from the company's current price.

Other research analysts also recently issued reports about the stock. Wall Street Zen raised shares of Pattern Group from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Pattern Group in a report on Thursday, June 18th. KeyCorp upped their price objective on Pattern Group from $20.00 to $30.00 and gave the company an "overweight" rating in a research note on Monday. JPMorgan Chase & Co. increased their price objective on Pattern Group from $17.00 to $19.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Finally, Jefferies Financial Group lowered Pattern Group from a "buy" rating to a "hold" rating and boosted their target price for the company from $21.00 to $30.00 in a research note on Tuesday, July 14th. Nine investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Pattern Group presently has an average rating of "Moderate Buy" and a consensus target price of $24.56.

Pattern Group Price Performance

NASDAQ PTRN opened at $23.63 on Thursday. The business's fifty day moving average is $23.57 and its 200-day moving average is $16.87. The stock has a market capitalization of $3.67 billion and a price-to-earnings ratio of -12.64. Pattern Group has a one year low of $8.92 and a one year high of $29.80.

Pattern Group (NASDAQ:PTRN - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. The company had revenue of $876.77 million for the quarter. Research analysts expect that Pattern Group will post 0.56 EPS for the current fiscal year.

Insider Activity at Pattern Group

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

Institutional Investors Weigh In On Pattern Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Clearstead Advisors LLC boosted its position in shares of Pattern Group by 222.0% in the fourth quarter. Clearstead Advisors LLC now owns 2,373 shares of the company's stock valued at $27,000 after acquiring an additional 1,636 shares during the period. Roxbury Financial LLC bought a new position in Pattern Group in the 1st quarter valued at $40,000. Federation des caisses Desjardins du Quebec purchased a new position in shares of Pattern Group during the 4th quarter valued at $58,000. Susquehanna International Group LLP bought a new position in shares of Pattern Group in the third quarter worth $137,000. Finally, Jacobs Equity LLC purchased a new stake in shares of Pattern Group in the fourth quarter worth $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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