Match Group (NASDAQ:MTCH) Receives “Overweight” Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Match Group (NASDAQ:MTCH) in a research report released on Thursday,Benzinga reports. The brokerage currently has a $40.00 price objective on the technology company’s stock.

MTCH has been the subject of several other reports. Barclays dropped their target price on Match Group from $55.00 to $53.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Susquehanna reduced their target price on shares of Match Group from $45.00 to $40.00 and set a “positive” rating on the stock in a report on Friday, November 8th. UBS Group dropped their price target on shares of Match Group from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Thursday. Bank of America boosted their price objective on shares of Match Group from $35.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Morgan Stanley lowered their target price on Match Group from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Thursday. Ten 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 company has a consensus rating of “Moderate Buy” and a consensus target price of $39.27.

Match Group Stock Performance

NASDAQ MTCH opened at $30.58 on Thursday. The firm’s fifty day moving average price is $34.47 and its two-hundred day moving average price is $34.11. The stock has a market cap of $7.68 billion, a PE ratio of 13.65, a PEG ratio of 1.18 and a beta of 1.47. Match Group has a fifty-two week low of $27.66 and a fifty-two week high of $42.42.

Match Group Dividend Announcement

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 2.49%. The ex-dividend date is Monday, January 6th.

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

Insider Buying and Selling

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 sale, the director now owns 12,398 shares of the company’s stock, valued at approximately $391,900.78. This trade represents a 6.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.77% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Match Group

Large investors have recently modified their holdings of the business. Sumitomo Life Insurance Co. lifted its stake in shares of Match Group by 2.9% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 10,647 shares of the technology company’s stock valued at $403,000 after buying an additional 297 shares in the last quarter. Fulton Bank N.A. grew its position 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 valued at $379,000 after purchasing an additional 299 shares in the last quarter. Prestige Wealth Management Group LLC raised its stake in shares of Match Group by 8.9% during the 2nd quarter. Prestige Wealth Management Group LLC now owns 4,375 shares of the technology company’s stock valued at $133,000 after purchasing an additional 357 shares during the period. Empirical Finance LLC lifted its holdings in Match Group by 1.5% during the 3rd quarter. Empirical Finance LLC now owns 25,952 shares of the technology company’s stock worth $982,000 after purchasing an additional 384 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in shares of 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 during the period. Hedge funds and other institutional investors 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.