Pattern Group Inc. $PTRN Shares Purchased by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP increased its position in shares of Pattern Group Inc. (NASDAQ:PTRN) by 4.3% during the fourth quarter, Holdings Channel reports. The fund owned 1,184,716 shares of the company’s stock after acquiring an additional 48,837 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Pattern Group were worth $13,672,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Capelight Capital Asset Management LP acquired a new stake in shares of Pattern Group in the 4th quarter valued at approximately $923,000. Hudson Bay Capital Management LP acquired a new stake in shares of Pattern Group in the 3rd quarter valued at approximately $1,649,000. Monashee Investment Management LLC acquired a new stake in shares of Pattern Group in the 3rd quarter valued at approximately $2,055,000. Dragoneer Investment Group LLC acquired a new stake in shares of Pattern Group in the 3rd quarter valued at approximately $6,709,000. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Pattern Group by 8.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,077,956 shares of the company’s stock valued at $23,896,000 after acquiring an additional 169,297 shares during the period.

Insider Activity

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

Pattern Group Stock Performance

Shares of PTRN stock opened at $19.55 on Friday. The company has a market capitalization of $3.03 billion and a P/E ratio of -10.45. The company’s 50 day moving average price is $15.24 and its two-hundred day moving average price is $13.55. Pattern Group Inc. has a 52 week low of $8.92 and a 52 week high of $20.82.

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

Pattern Group declared that its board has authorized a stock repurchase plan on Thursday, March 5th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 5.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts recently weighed in on PTRN shares. Needham & Company LLC increased their price target on shares of Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Robert W. Baird dropped their target price on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, March 6th. Stifel Nicolaus dropped their target price on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, March 6th. JPMorgan Chase & Co. raised their target price on shares of Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $20.67.

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.