Wells Fargo & Company Issues Pessimistic Forecast for Match Group (NASDAQ:MTCH) Stock Price

Match Group (NASDAQ:MTCH) had its price objective cut by Wells Fargo & Company from $32.00 to $31.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 7.33% from the company’s previous close.

A number of other research analysts have also issued reports on MTCH. Stifel Nicolaus dropped their price objective on shares of Match Group from $36.00 to $35.00 and set a “hold” rating for the company in a report on Thursday, February 6th. 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, December 12th. Jefferies Financial Group reissued a “hold” rating and issued a $32.00 price objective (down previously from $40.00) on shares of Match Group in a research note on Tuesday, December 17th. Barclays lowered their target price on Match Group from $53.00 to $52.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Finally, HSBC cut Match Group from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Fifteen equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Match Group has a consensus rating of “Hold” and an average target price of $37.63.

Match Group Stock Up 6.9 %

Shares of NASDAQ MTCH traded up $1.85 during midday trading on Wednesday, reaching $28.88. 3,772,512 shares of the company were exchanged, compared to its average volume of 4,948,154. The stock’s 50-day moving average price is $32.13 and its 200-day moving average price is $33.42. The stock has a market cap of $7.23 billion, a P/E ratio of 14.28, a PEG ratio of 0.82 and a beta of 1.49. Match Group has a one year low of $26.43 and a one year high of $38.84.

Match Group (NASDAQ:MTCH) last released its quarterly earnings data on Tuesday, February 4th. The technology company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.22). Match Group had a net margin of 15.84% and a negative return on equity of 574.22%. On average, equities research analysts anticipate that Match Group will post 2.44 EPS for the current year.

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

Insider Buying and Selling at Match Group

In other news, President Gary Swidler sold 242,209 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $32.86, for a total value of $7,958,987.74. Following the transaction, the president now owns 1,690 shares in the company, valued at $55,533.40. This trade represents a 99.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.77% of the company’s stock.

Institutional Investors Weigh In On Match Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC raised its holdings in shares of Match Group by 94.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 59,510 shares of the technology company’s stock valued at $1,947,000 after purchasing an additional 28,884 shares during the last quarter. Pacer Advisors Inc. grew its position in Match Group by 17.0% in the 4th quarter. Pacer Advisors Inc. now owns 6,475,636 shares of the technology company’s stock worth $211,818,000 after purchasing an additional 939,078 shares in the last quarter. Nordea Investment Management AB increased its stake in Match Group by 56.8% in the 4th quarter. Nordea Investment Management AB now owns 2,390,194 shares of the technology company’s stock valued at $78,733,000 after buying an additional 866,026 shares during the last quarter. Penn Davis Mcfarland Inc. lifted its position in shares of Match Group by 1.8% during the 4th quarter. Penn Davis Mcfarland Inc. now owns 478,913 shares of the technology company’s stock worth $15,665,000 after buying an additional 8,414 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Match Group by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,667,907 shares of the technology company’s stock worth $87,267,000 after buying an additional 69,947 shares in the last quarter. 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.