Match Group (NASDAQ:MTCH) Price Target Lowered to $34.00 at Truist Financial

Match Group (NASDAQ:MTCH) had its target price cut by Truist Financial from $35.00 to $34.00 in a research report released on Thursday,Benzinga reports. They currently have a hold rating on the technology company’s stock.

Several other equities research analysts also recently issued reports on the company. UBS Group dropped their price objective on Match Group from $38.00 to $34.00 and set a “neutral” rating on the stock in a report on Thursday. StockNews.com cut shares of Match Group from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Morgan Stanley decreased their price objective on shares of Match Group from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Thursday. Barclays cut their target price on shares of Match Group from $55.00 to $53.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $35.00 price target on shares of Match Group in a research note on Monday, December 9th. Ten analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $39.06.

Match Group Price Performance

Shares of Match Group stock opened at $31.45 on Thursday. Match Group has a 1-year low of $27.66 and a 1-year high of $42.42. The business has a 50-day moving average of $34.35 and a 200-day moving average of $34.16. The company has a market capitalization of $7.90 billion, a PE ratio of 14.04, a P/E/G ratio of 1.18 and a beta of 1.47.

Match Group declared that its board has approved a stock repurchase program on Wednesday, December 11th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to buy up to 19% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

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 paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date is Monday, January 6th.

Insider Buying and Selling

In other news, Director Stephen Bailey sold 801 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $31.61, for a total transaction of $25,319.61. Following the completion of the transaction, the director now directly owns 12,398 shares in the company, valued at approximately $391,900.78. The trade was a 6.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.77% of the company’s stock.

Institutional Trading of Match Group

Several large investors have recently added to or reduced their stakes in the business. Retirement Systems of Alabama grew its stake in shares of Match Group by 2,732.1% in the third quarter. Retirement Systems of Alabama now owns 1,659,718 shares of the technology company’s stock worth $62,804,000 after purchasing an additional 1,601,115 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Match Group by 9.0% in the third quarter. Franklin Resources Inc. now owns 276,775 shares of the technology company’s stock worth $10,459,000 after purchasing an additional 22,887 shares during the period. Boyar Asset Management Inc. bought a new position in Match Group in the 3rd quarter valued at about $1,376,000. TD Private Client Wealth LLC increased its stake in Match Group by 131.9% during the 3rd quarter. TD Private Client Wealth LLC now owns 6,515 shares of the technology company’s stock valued at $247,000 after buying an additional 3,705 shares during the period. Finally, Coldstream Capital Management Inc. bought a new stake in shares of Match Group during the 3rd quarter worth about $249,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.