Norges Bank Makes New Investment in Pattern Group Inc. $PTRN

Norges Bank bought a new position in shares of Pattern Group Inc. (NASDAQ:PTRN) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,250,000 shares of the company’s stock, valued at approximately $25,965,000.

A number of other institutional investors also recently bought and sold shares of PTRN. Capital World Investors purchased a new stake in Pattern Group during the third quarter worth $23,975,000. Vanguard Group Inc. acquired a new position in shares of Pattern Group in the third quarter worth $20,640,000. Woodline Partners LP acquired a new position in shares of Pattern Group in the third quarter worth $19,678,000. Alyeska Investment Group L.P. acquired a new position in shares of Pattern Group in the third quarter worth $15,755,000. Finally, Westfield Capital Management Co. LP acquired a new position in shares of Pattern Group in the third quarter worth $15,562,000.

Insider Buying and Selling

In related news, Director Ann Mather sold 5,301 shares of the stock in a transaction dated 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 owned 31,509 shares of the company’s stock, valued at approximately $520,213.59. This represents a 14.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 70.97% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Needham & Company LLC boosted their price target on Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. JPMorgan Chase & Co. boosted their price target on Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Robert W. Baird cut their price target on Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, March 6th. Stifel Nicolaus cut their price target on Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, March 6th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Pattern Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.67.

Pattern Group Trading Up 3.3%

PTRN stock opened at $20.41 on Wednesday. The stock has a 50-day moving average price of $15.56 and a two-hundred day moving average price of $13.60. Pattern Group Inc. has a 12-month low of $8.92 and a 12-month high of $20.82. The company has a market cap of $3.17 billion and a PE ratio of -10.91.

Pattern Group (NASDAQ:PTRN) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.06. The firm had revenue of $773.73 million for the quarter, compared to analysts’ expectations of $715.90 million. During the same period last year, the firm posted $0.17 EPS. Pattern Group’s revenue was up 43.2% on a year-over-year basis. Equities analysts forecast that Pattern Group Inc. will post 0.56 EPS for the current fiscal year.

Pattern Group announced that its Board of Directors has initiated a stock buyback plan on Thursday, March 5th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to buy up to 5.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.