Match Group (NASDAQ:MTCH) Price Target Cut to $39.00 by Analysts at Wells Fargo & Company

Match Group (NASDAQ:MTCH) had its price target dropped by research analysts at Wells Fargo & Company from $40.00 to $39.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 8.55% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. Evercore raised shares of Match Group from a “cautious” rating to an “outperform” rating and set a $53.00 price objective for the company in a report on Monday, October 19th. Weiss Ratings upgraded shares of Match Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Zacks Research cut shares of Match Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. JPMorgan Chase & Co. started coverage on shares of Match Group in a research note on Monday, August 24th. They set a “neutral” rating and a $43.00 target price on the stock. Finally, TD Cowen boosted their price target on shares of Match Group from $45.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday. Eight analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, Match Group presently has an average rating of “Moderate Buy” and an average price target of $44.23.

Match Group Trading Down 2.4%

MTCH stock traded down $1.04 during trading on Wednesday, reaching $42.65. 404,035 shares of the company’s stock were exchanged, compared to its average volume of 3,968,121. Match Group has a 1-year low of $28.81 and a 1-year high of $46.67. The company’s fifty day moving average price is $42.11 and its 200-day moving average price is $36.34.

Match Group (NASDAQ:MTCH) last released its quarterly earnings results on Tuesday, August 4th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.05. The business had revenue of $853.11 million during the quarter, compared to the consensus estimate of $857.77 million. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.49 EPS. As a group, research analysts expect that Match Group will post 3.31 EPS for the current year.

Insider Buying and Selling at Match Group

In related news, CAO Philip D. Eigenmann sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $41.70, for a total value of $625,500.00. Following the sale, the chief accounting officer directly owned 19,389 shares in the company, valued at $808,521.30. The trade was a 43.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ann Mcdaniel sold 3,531 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $42.43, for a total transaction of $149,820.33. Following the sale, the director directly owned 26,839 shares of the company’s stock, valued at approximately $1,138,778.77. This represents a 11.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 23,291 shares of company stock valued at $976,478 over the last 90 days. Insiders own 0.71% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Whittier Trust Co. increased its holdings in shares of Match Group by 91.3% in the first quarter. Whittier Trust Co. now owns 903 shares of the technology company’s stock valued at $29,000 after buying an additional 431 shares in the last quarter. Eastern Bank acquired a new stake in shares of Match Group during the 3rd quarter valued at $31,000. Elevation Wealth Partners LLC lifted its position in shares of Match Group by 1,319.4% during the 2nd quarter. Elevation Wealth Partners LLC now owns 951 shares of the technology company’s stock valued at $36,000 after acquiring an additional 884 shares during the last quarter. Contravisory Investment Management Inc. acquired a new position in shares of Match Group in the 2nd quarter worth $76,000. Finally, Parallel Advisors LLC raised its position in shares of Match Group by 31.4% during the first quarter. Parallel Advisors LLC now owns 3,385 shares of the technology company’s stock worth $104,000 after purchasing an additional 808 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.

About Match Group

Match Group, Inc is a global provider of online dating and social discovery services. The company operates a portfolio of dating applications and websites designed to help people form relationships, including Tinder, Hinge, Match, Meetic, OkCupid, Plenty of Fish, BLK, Chispa and The League.

Its platforms serve users across a broad range of geographies and relationship preferences. Match Group generates revenue primarily through paid subscriptions, premium features, à la carte purchases and advertising.