Evercore ISI Issues Pessimistic Forecast for Match Group (NASDAQ:MTCH) Stock Price

Match Group (NASDAQ:MTCH) had its price target cut by Evercore ISI from $37.00 to $35.00 in a research note released on Friday morning,Benzinga reports. They currently have an outperform rating on the technology company’s stock.

Other equities analysts have also issued research reports about the stock. Loop Capital dropped their price target on shares of Match Group from $35.00 to $30.00 and set a “hold” rating on the stock in a research report on Thursday. Piper Sandler reiterated an “overweight” rating and issued a $40.00 target price on shares of Match Group in a report on Thursday. Bank of America boosted their target price on shares of Match Group from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday. Susquehanna lowered their price target on Match Group from $45.00 to $40.00 and set a “positive” rating on the stock in a research report on Friday, November 8th. Finally, Stifel Nicolaus dropped their price objective on Match Group from $39.00 to $36.00 and set a “hold” rating on the stock in a research note on Thursday. Ten analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $39.06.

Match Group Stock Performance

Shares of MTCH stock opened at $31.45 on Friday. The stock’s 50 day simple moving average is $34.35 and its 200 day simple moving average is $34.19. Match Group has a twelve month low of $27.66 and a twelve month high of $42.42. The company 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 21st. Shareholders of record on Monday, January 6th will be paid 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 initiated a share repurchase plan on Wednesday, December 11th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to reacquire up to 19% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Match Group

In related news, Director Stephen Bailey sold 801 shares of Match Group 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 directly owns 12,398 shares of the company’s stock, valued at $391,900.78. The trade was a 6.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.77% of the stock is owned by company insiders.

Institutional Investors Weigh In On Match Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MTCH. Retirement Systems of Alabama lifted its position in shares of Match Group by 2,732.1% during 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. increased its holdings in shares of Match Group by 9.0% in the third quarter. Franklin Resources Inc. now owns 276,775 shares of the technology company’s stock valued at $10,459,000 after purchasing an additional 22,887 shares in the last quarter. Boyar Asset Management Inc. bought a new position in Match Group in the 3rd quarter worth approximately $1,376,000. TD Private Client Wealth LLC raised its position in Match Group by 131.9% in the 3rd quarter. TD Private Client Wealth LLC now owns 6,515 shares of the technology company’s stock worth $247,000 after purchasing an additional 3,705 shares during the last quarter. Finally, Coldstream Capital Management Inc. acquired a new position in Match Group during the 3rd quarter worth $249,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Match Group Company Profile

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.