Match Group (NASDAQ:MTCH) Price Target Lowered to $31.00 at Morgan Stanley

Match Group (NASDAQ:MTCH) had its price target lowered by stock analysts at Morgan Stanley from $33.00 to $31.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s price target would indicate a potential downside of 1.52% from the stock’s current price.

Several other equities analysts also recently issued reports on MTCH. UBS Group decreased their price objective on shares of Match Group from $43.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Barclays cut their price target on Match Group from $55.00 to $53.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. StockNews.com cut shares of Match Group from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Royal Bank of Canada reiterated an “outperform” rating and set a $35.00 price target on shares of Match Group in a research note on Monday. Finally, Wells Fargo & Company dropped their price objective on shares of Match Group from $38.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 8th. Nine research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $40.46.

Match Group Trading Down 4.8 %

Match Group stock opened at $31.48 on Thursday. The company has a fifty day simple moving average of $34.72 and a 200-day simple moving average of $34.15. The stock has a market cap of $7.90 billion, a P/E ratio of 14.05, a price-to-earnings-growth ratio of 0.91 and a beta of 1.47. Match Group has a 12-month low of $27.66 and a 12-month high of $42.42.

Match Group announced that its board has initiated a share buyback program on Wednesday, December 11th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to buy up to 19% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at Match Group

In other news, Director Stephen Bailey sold 801 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $31.61, for a total value of $25,319.61. Following the transaction, 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 is available at this link. 0.77% of the stock is currently owned by insiders.

Institutional Trading of Match Group

Institutional investors have recently added to or reduced their stakes in the business. Venturi Wealth Management LLC lifted its stake in shares of Match Group by 617.3% during the third quarter. Venturi Wealth Management LLC now owns 703 shares of the technology company’s stock worth $27,000 after purchasing an additional 605 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in shares of Match Group during the 3rd quarter valued at about $31,000. Quarry LP raised its holdings in shares of Match Group by 54.5% during the 2nd quarter. Quarry LP now owns 1,307 shares of the technology company’s stock valued at $40,000 after buying an additional 461 shares during the period. Northwest & Ethical Investments L.P. purchased a new position in Match Group in the 3rd quarter worth approximately $57,000. Finally, International Assets Investment Management LLC purchased a new position in Match Group in the 2nd quarter worth approximately $61,000. 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.