Wells Fargo & Company Cuts Match Group (NASDAQ:MTCH) Price Target to $32.00

Match Group (NASDAQ:MTCH) had its target price reduced by Wells Fargo & Company from $33.00 to $32.00 in a report published on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the technology company’s stock.

Several other research analysts have also weighed in on the company. Barclays dropped their target price on Match Group from $55.00 to $53.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $35.00 target price on shares of Match Group in a research note on Monday, December 9th. StockNews.com lowered shares of Match Group from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Truist Financial lowered their price target on Match Group from $37.00 to $35.00 and set a “hold” rating on the stock in a research report on Friday, November 8th. Finally, Bank of America restated a “neutral” rating and set a $35.00 price target (down from $50.00) on shares of Match Group in a research report on Thursday, November 7th. Ten analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $39.06.

Match Group Stock Up 2.8 %

Shares of Match Group stock opened at $31.45 on Thursday. Match Group has a 12 month low of $27.66 and a 12 month high of $42.42. The business has a fifty day simple moving average of $34.35 and a 200-day simple moving average of $34.16. The stock has a market cap of $7.90 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 1.18 and a beta of 1.47.

Match Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Monday, January 6th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Monday, January 6th.

Match Group announced that its Board of Directors has approved a share repurchase plan on Wednesday, December 11th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 19% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Match Group

In other news, Director Stephen Bailey sold 801 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $31.61, for a total value of $25,319.61. Following the completion of the transaction, the director now owns 12,398 shares in the company, valued at $391,900.78. This trade represents a 6.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.77% of the stock is owned by insiders.

Institutional Investors Weigh In On Match Group

Several large investors have recently made changes to their positions in the stock. Venturi Wealth Management LLC increased its stake in shares of Match Group by 617.3% during the 3rd quarter. Venturi Wealth Management LLC now owns 703 shares of the technology company’s stock worth $27,000 after purchasing an additional 605 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new position in shares of Match Group during the 3rd quarter worth approximately $31,000. Quarry LP raised its stake in Match Group by 54.5% in the 2nd quarter. Quarry LP now owns 1,307 shares of the technology company’s stock valued at $40,000 after acquiring an additional 461 shares during the period. Northwest & Ethical Investments L.P. acquired a new stake in Match Group during the 3rd quarter valued at $57,000. Finally, International Assets Investment Management LLC bought a new position in Match Group during the second quarter worth $61,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

About Match Group

Match Group, Inc engages in the provision of dating products. Its portfolio of brands includes Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, BLK, and Hakuna, as well as a various other brands, each built to increase users' likelihood of connecting with others. Its services are available in over 40 languages to users worldwide.