Dragoneer Investment Group LLC Purchases Shares of 489,700 Pattern Group Inc. $PTRN

Dragoneer Investment Group LLC acquired a new position in shares of Pattern Group Inc. (NASDAQ:PTRN) during the third quarter, Holdings Channel reports. The fund acquired 489,700 shares of the company’s stock, valued at approximately $6,709,000. Pattern Group accounts for approximately 0.1% of Dragoneer Investment Group LLC’s portfolio, making the stock its 25th largest holding.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Citadel Advisors LLC acquired a new position in shares of Pattern Group during the third quarter worth approximately $9,590,000. Bank of America Corp DE acquired a new stake in Pattern Group in the 3rd quarter valued at $2,405,000. Altimeter Capital Management LP bought a new stake in Pattern Group during the 3rd quarter valued at $9,884,000. Ameriprise Financial Inc. bought a new stake in Pattern Group during the 3rd quarter valued at $13,685,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of Pattern Group in the third quarter valued at $14,680,000.

Wall Street Analyst Weigh In

PTRN has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their target price on shares of Pattern Group from $21.00 to $17.00 and set an “overweight” rating for the company in a research report on Friday, March 6th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Pattern Group in a research report on Wednesday, December 24th. Robert W. Baird decreased their price objective on Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, March 6th. Jefferies Financial Group set a $20.00 target price on Pattern Group in a report on Thursday, December 11th. Finally, Stifel Nicolaus cut their target price on Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, March 6th. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Pattern Group has an average rating of “Moderate Buy” and an average price target of $20.22.

Pattern Group Price Performance

PTRN opened at $11.35 on Friday. Pattern Group Inc. has a fifty-two week low of $8.92 and a fifty-two week high of $20.10. The company has a market capitalization of $1.76 billion and a price-to-earnings ratio of -5.59. The firm’s 50-day moving average price is $12.43.

Pattern Group (NASDAQ:PTRN) last issued its quarterly earnings data on Thursday, March 5th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.04. The firm had revenue of $723.10 million during the quarter, compared to the consensus estimate of $691.35 million. The firm’s revenue for the quarter was up 40.3% on a year-over-year basis.

Pattern Group announced that its Board of Directors has approved a share buyback plan on Thursday, March 5th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 5.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management 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.