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

Match Group (NASDAQ:MTCH) had its price target dropped by analysts at Wells Fargo & Company from $33.00 to $32.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 5.68% from the company’s current price.

A number of other brokerages have also recently weighed in on MTCH. Barclays dropped their price target on shares of Match Group from $55.00 to $53.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. 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 report on Thursday, November 7th. StockNews.com cut Match Group from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $35.00 price objective on shares of Match Group in a report on Monday. Finally, Stifel Nicolaus lowered their target price on Match Group from $39.00 to $36.00 and set a “hold” rating for the company in a report on Thursday. Nine equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.29.

Match Group Stock Performance

Shares of NASDAQ MTCH traded down $1.20 during mid-day trading on Thursday, reaching $30.28. 1,705,402 shares of the company’s stock were exchanged, compared to its average volume of 5,171,585. The firm has a market capitalization of $7.60 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 0.91 and a beta of 1.47. Match Group has a 52-week low of $27.66 and a 52-week high of $42.42. The company’s 50-day moving average is $34.72 and its 200-day moving average is $34.15.

Match Group declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, December 11th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to buy up to 19% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at Match Group

In other news, Director Stephen Bailey sold 801 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 12,398 shares of the company’s stock, valued at approximately $391,900.78. This represents a 6.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.77% of the stock is owned by corporate insiders.

Institutional Trading of Match Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Match Group in the second quarter valued at about $220,000. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Match Group by 3.1% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 577,885 shares of the technology company’s stock worth $17,556,000 after buying an additional 17,540 shares in the last quarter. Penn Davis Mcfarland Inc. lifted its holdings in shares of Match Group by 1.0% in the 2nd quarter. Penn Davis Mcfarland Inc. now owns 470,391 shares of the technology company’s stock valued at $14,290,000 after buying an additional 4,638 shares during the period. First Horizon Advisors Inc. boosted its stake in shares of Match Group by 7.3% in the second quarter. First Horizon Advisors Inc. now owns 8,841 shares of the technology company’s stock valued at $269,000 after buying an additional 598 shares in the last quarter. Finally, Pallas Capital Advisors LLC grew its holdings in Match Group by 8.1% during the second quarter. Pallas Capital Advisors LLC now owns 13,476 shares of the technology company’s stock worth $409,000 after acquiring an additional 1,010 shares during the period. 94.05% of the stock is owned by hedge funds and other 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.