Allspring Global Investments Holdings LLC Raises Stake in Pattern Group Inc. $PTRN

Allspring Global Investments Holdings LLC raised its holdings in shares of Pattern Group Inc. (NASDAQ:PTRN) by 1.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,101,545 shares of the company’s stock after purchasing an additional 23,589 shares during the period. Allspring Global Investments Holdings LLC owned 1.36% of Pattern Group worth $25,723,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PTRN. Clearstead Advisors LLC grew its stake 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 worth $27,000 after acquiring an additional 1,636 shares during the last quarter. Roxbury Financial LLC purchased a new position in shares of Pattern Group in the 1st quarter worth about $40,000. Federation des caisses Desjardins du Quebec bought a new position in Pattern Group in the 4th quarter worth about $58,000. Susquehanna International Group LLP purchased a new stake in Pattern Group during the 3rd quarter valued at about $137,000. Finally, Jacobs Equity LLC purchased a new stake in Pattern Group during the 4th quarter valued at about $151,000.

Pattern Group Stock Performance

PTRN stock opened at $28.01 on Tuesday. The company has a market cap of $4.35 billion and a price-to-earnings ratio of -14.98. The business’s 50-day moving average is $22.09 and its two-hundred day moving average is $15.97. Pattern Group Inc. has a fifty-two week low of $8.92 and a fifty-two week high of $29.80.

Pattern Group (NASDAQ:PTRN) last released 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 the consensus estimate of $715.90 million. The company’s revenue for the quarter was up 43.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.17 earnings per share. Equities analysts predict that Pattern Group Inc. will post 0.56 earnings per share for the current year.

Analyst Ratings Changes

PTRN has been the subject of several analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Pattern Group in a research report on Thursday, June 18th. The Goldman Sachs Group restated a “buy” rating and set a $27.00 target price on shares of Pattern Group in a research note on Monday, June 29th. JPMorgan Chase & Co. raised their price target on shares of Pattern Group from $17.00 to $19.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Jefferies Financial Group lowered shares of Pattern Group from a “buy” rating to a “hold” rating and lifted their price target for the stock from $21.00 to $30.00 in a research note on Tuesday, July 14th. Finally, Needham & Company LLC boosted their price objective on shares of Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Nine analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Pattern Group currently has an average rating of “Moderate Buy” and an average price target of $22.89.

Insiders Place Their Bets

In other Pattern Group news, Director Ann Mather sold 5,301 shares of the 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 transaction, the director directly owned 31,509 shares in the company, valued at approximately $520,213.59. This trade represents a 14.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 70.97% of the company’s stock.

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.