Wells Fargo & Company Has Lowered Expectations for Match Group (NASDAQ:MTCH) Stock Price

Match Group (NASDAQ:MTCH) had its price target lowered by Wells Fargo & Company from $33.00 to $32.00 in a report released on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 1.75% from the stock’s current price.

A number of other research firms have also recently issued reports on MTCH. Bank of America reiterated a “neutral” rating and issued a $35.00 target price (down previously from $50.00) on shares of Match Group in a research note on Thursday, November 7th. StockNews.com downgraded Match Group from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Truist Financial reduced their price objective on Match Group from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Friday, November 8th. UBS Group lowered their target price on Match Group from $43.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Finally, Stifel Nicolaus reduced their price target on shares of Match Group from $39.00 to $36.00 and set a “hold” rating on the stock in a research report on Thursday. Ten equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $39.06.

Match Group Stock Up 2.8 %

Shares of Match Group stock opened at $31.45 on Thursday. The stock has a market capitalization of $7.90 billion, a P/E ratio of 14.04, a price-to-earnings-growth ratio of 1.18 and a beta of 1.47. Match Group has a 12-month low of $27.66 and a 12-month high of $42.42. The company has a 50-day simple moving average of $34.35 and a 200 day simple moving average of $34.12.

Match Group announced that its Board of Directors has approved a share repurchase program on Wednesday, December 11th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to repurchase up to 19% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Match Group 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 transaction of $25,319.61. Following the transaction, the director now owns 12,398 shares in the company, valued at approximately $391,900.78. This trade represents a 6.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.77% of the stock is owned by insiders.

Institutional Trading of Match Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Starboard Value LP bought a new position in Match Group during the 3rd quarter worth approximately $361,605,000. Versor Investments LP boosted its position in shares of Match Group by 301.7% during the third quarter. Versor Investments LP now owns 48,200 shares of the technology company’s stock worth $1,824,000 after purchasing an additional 36,200 shares in the last quarter. Paloma Partners Management Co boosted its position in shares of Match Group by 510.3% during the third quarter. Paloma Partners Management Co now owns 65,086 shares of the technology company’s stock worth $2,463,000 after purchasing an additional 54,422 shares in the last quarter. Aviance Capital Partners LLC acquired a new position in shares of Match Group in the 3rd quarter valued at $2,170,000. Finally, Mawer Investment Management Ltd. increased its position in shares of Match Group by 71.4% in the 3rd quarter. Mawer Investment Management Ltd. now owns 643,335 shares of the technology company’s stock valued at $24,344,000 after buying an additional 267,890 shares in the last quarter. 94.05% of the stock is owned by institutional investors.

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.