The Goldman Sachs Group Begins Coverage on Pattern Group (NASDAQ:PTRN)

Key Points

• Goldman Sachs has initiated coverage on Pattern Group (NASDAQ:PTRN) with a "buy" rating and a price target of $17.00, indicating a potential upside of 21.43% from its current stock price.
• Other research firms have also provided ratings, with KeyCorp and BMO Capital Markets setting price targets of $18.00 and $19.00 respectively, showing a consensus rating of "Buy" with an average target price of $18.11.
• Insider trading activity included CEO David K. Wright selling over 9 million shares at an average price of $13.02, resulting in a 24.24% reduction in his ownership stake.

Equities researchers at The Goldman Sachs Group initiated coverage on shares of Pattern Group (NASDAQ:PTRN - Get Free Report) in a note issued to investors on Tuesday, Marketbeat reports. The firm set a "buy" rating and a $17.00 price target on the stock. The Goldman Sachs Group's price target indicates a potential upside of 21.43% from the stock's current price.

Several other research firms have also commented on PTRN. Wall Street Zen raised shares of Pattern Group to a "hold" rating in a report on Saturday, October 11th. KeyCorp began coverage on shares of Pattern Group in a research report on Tuesday. They set an "overweight" rating and a $18.00 price target for the company. Evercore ISI began coverage on shares of Pattern Group in a research report on Tuesday. They set an "outperform" rating and a $19.00 price target for the company. BMO Capital Markets began coverage on shares of Pattern Group in a research report on Tuesday. They set an "outperform" rating and a $19.00 price target for the company. Finally, Robert W. Baird began coverage on shares of Pattern Group in a research report on Tuesday. They set an "outperform" rating and a $18.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the stock. Based on data from MarketBeat, Pattern Group currently has a consensus rating of "Buy" and an average target price of $18.11.

Pattern Group Trading Down 0.1%

PTRN stock opened at $14.00 on Tuesday. Pattern Group has a 52 week low of $12.00 and a 52 week high of $16.00.

Insider Transactions at Pattern Group

In related news, CEO David K. Wright sold 9,414,286 shares of Pattern Group stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $13.02, for a total transaction of $122,574,003.72. Following the completion of the transaction, the chief executive officer directly owned 29,418,585 shares of the company's stock, valued at $383,029,976.70. This trade represents a 24.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Daniel Gay sold 1,300,000 shares of Pattern Group stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $13.02, for a total transaction of $16,926,000.00. Following the transaction, the director directly owned 829,475 shares of the company's stock, valued at approximately $10,799,764.50. This trade represents a 61.05% decrease in their ownership of the stock. The disclosure for this sale can be found here.

About Pattern Group

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.