Pattern Group (NASDAQ:PTRN) Price Target Raised to $19.00 at JPMorgan Chase & Co.

Pattern Group (NASDAQ:PTRN) had its price target lifted by JPMorgan Chase & Co. from $17.00 to $19.00 in a report published on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other research analysts have also recently issued reports on PTRN. Stifel Nicolaus decreased their price objective on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, March 6th. Needham & Company LLC lifted their price target on Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday. Weiss Ratings reissued a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. Finally, 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 research report on Friday, March 6th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.67.

Pattern Group Stock Up 18.9%

PTRN opened at $16.95 on Thursday. The stock has a market capitalization of $2.63 billion and a price-to-earnings ratio of -8.35. Pattern Group has a twelve month low of $8.92 and a twelve month high of $20.10. The company has a 50-day simple moving average of $12.42 and a 200 day simple moving average of $13.35.

Pattern Group (NASDAQ:PTRN) last issued its earnings results on Wednesday, May 6th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.10 by $0.06. The firm had revenue of $773.73 million during the quarter, compared to analyst estimates of $715.90 million. During the same quarter in the previous year, the firm posted $0.17 earnings per share. Pattern Group’s quarterly revenue was up 43.2% compared to the same quarter last year. Sell-side analysts anticipate that Pattern Group will post 0.46 EPS for the current fiscal year.

Pattern Group announced that its Board of Directors has authorized a share repurchase plan on Thursday, March 5th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Knox Lane LP acquired a new stake in shares of Pattern Group during the 4th quarter valued at $325,157,000. Norges Bank bought a new position in Pattern Group in the fourth quarter valued at about $25,965,000. Wasatch Advisors LP bought a new position in Pattern Group in the fourth quarter valued at about $23,144,000. Capital World Investors acquired a new stake in shares of Pattern Group during the third quarter valued at about $23,975,000. Finally, Vanguard Group Inc. bought a new stake in shares of Pattern Group during the third quarter worth about $20,640,000.

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.