Morgan Stanley Cuts Match Group (NASDAQ:MTCH) Price Target to $31.00

Match Group (NASDAQ:MTCH) had its price target cut by Morgan Stanley from $33.00 to $31.00 in a research note released on Thursday,Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

MTCH has been the subject of several other reports. Truist Financial dropped their target price on Match Group from $37.00 to $35.00 and set a “hold” rating for the company in a report on Friday, November 8th. StockNews.com cut shares of Match Group from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Barclays decreased their price objective on Match Group from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Bank of America reissued a “neutral” rating and issued a $35.00 target price (down previously from $50.00) on shares of Match Group in a report on Thursday, November 7th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $35.00 price objective on shares of Match Group in a research note on Monday, December 9th. Ten equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Match Group has an average rating of “Moderate Buy” and a consensus price target of $39.06.

Match Group Stock Performance

Shares of MTCH opened at $31.45 on Thursday. The stock has a 50 day moving average price of $34.35 and a 200 day moving average price of $34.16. The stock has a market capitalization of $7.90 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 1.18 and a beta of 1.47. Match Group has a one year low of $27.66 and a one year high of $42.42.

Match Group Announces Dividend

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

Match Group declared that its board has authorized a stock buyback plan on Wednesday, December 11th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to repurchase up to 19% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Match Group news, Director Stephen Bailey sold 801 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $31.61, for a total transaction of $25,319.61. Following the sale, the director now directly owns 12,398 shares of the company’s stock, valued at $391,900.78. This trade represents a 6.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.77% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Match Group

Several hedge funds have recently made changes to their positions in the business. Sumitomo Life Insurance Co. raised its holdings in shares of Match Group by 2.9% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 10,647 shares of the technology company’s stock worth $403,000 after purchasing an additional 297 shares during the period. Fulton Bank N.A. lifted its stake in shares of Match Group by 3.1% in the third quarter. Fulton Bank N.A. now owns 10,006 shares of the technology company’s stock worth $379,000 after acquiring an additional 299 shares in the last quarter. Prestige Wealth Management Group LLC grew its position in shares of Match Group by 8.9% during the second quarter. Prestige Wealth Management Group LLC now owns 4,375 shares of the technology company’s stock worth $133,000 after buying an additional 357 shares in the last quarter. Empirical Finance LLC raised its stake in shares of Match Group by 1.5% in the 3rd quarter. Empirical Finance LLC now owns 25,952 shares of the technology company’s stock valued at $982,000 after purchasing an additional 384 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Match Group by 1.5% during the third quarter. State of Alaska Department of Revenue now owns 29,955 shares of the technology company’s stock valued at $1,133,000 after buying an additional 455 shares in the last quarter. 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.