Fred Alger Management LLC Buys Shares of 8,214 Match Group Inc. $MTCH

Key Points

• Fred Alger Management LLC has made a new investment in Match Group Inc. by acquiring 8,214 shares valued at approximately $256,000.
• Match Group announced a quarterly dividend of $0.19, representing a 2.0% dividend yield, with an ex-dividend date of October 3rd.
• Analysts have recently adjusted their target prices for Match Group, with a consensus rating of "Hold" and an average target price of $35.44.

Fred Alger Management LLC acquired a new position in shares of Match Group Inc. (NASDAQ:MTCH - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,214 shares of the technology company's stock, valued at approximately $256,000.

Other large investors have also added to or reduced their stakes in the company. Starboard Value LP increased its position in shares of Match Group by 53.4% during the 4th quarter. Starboard Value LP now owns 14,656,970 shares of the technology company's stock worth $479,429,000 after purchasing an additional 5,100,824 shares during the last quarter. Nuveen LLC bought a new position in Match Group during the 1st quarter worth $142,281,000. Invesco Ltd. raised its stake in Match Group by 64.2% in the 1st quarter. Invesco Ltd. now owns 9,565,726 shares of the technology company's stock worth $298,451,000 after purchasing an additional 3,738,509 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Match Group in the first quarter valued at approximately $77,783,000. Finally, Ameriprise Financial Inc. lifted its position in shares of Match Group by 17.4% during the 1st quarter. Ameriprise Financial Inc. now owns 12,321,485 shares of the technology company's stock valued at $384,808,000 after acquiring an additional 1,822,362 shares during the period. Institutional investors and hedge funds own 94.05% of the company's stock.

Insiders Place Their Bets

In related news, Director Stephen Bailey sold 12,500 shares of Match Group stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $36.72, for a total value of $459,000.00. Following the transaction, the director owned 8,058 shares in the company, valued at $295,889.76. This trade represents a 60.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ann Mcdaniel sold 5,423 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $37.58, for a total value of $203,796.34. Following the transaction, the director owned 21,926 shares in the company, valued at approximately $823,979.08. The trade was a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,454 shares of company stock valued at $907,839 over the last quarter. 0.64% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MTCH. UBS Group raised their target price on Match Group from $31.00 to $35.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Evercore ISI upped their price target on shares of Match Group from $32.00 to $38.00 and gave the company an "in-line" rating in a research report on Wednesday, August 6th. Wells Fargo & Company raised their price objective on Match Group from $31.00 to $32.00 and gave the stock an "equal weight" rating in a research report on Friday, June 27th. JPMorgan Chase & Co. boosted their target price on shares of Match Group from $28.00 to $33.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Finally, Susquehanna increased their price target on Match Group from $40.00 to $45.00 and gave the stock a "positive" rating in a report on Thursday, August 7th. Five investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat, Match Group has a consensus rating of "Hold" and a consensus price target of $35.44.

Match Group Price Performance

MTCH stock traded down $0.03 during mid-day trading on Tuesday, reaching $37.44. 3,157,417 shares of the company traded hands, compared to its average volume of 3,256,887. The company has a fifty day moving average price of $35.81 and a 200-day moving average price of $32.22. The company has a market capitalization of $9.01 billion, a P/E ratio of 18.44, a P/E/G ratio of 0.74 and a beta of 1.36. Match Group Inc. has a 52-week low of $26.39 and a 52-week high of $39.20.

Match Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, October 3rd will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, October 3rd. Match Group's dividend payout ratio is presently 37.44%.

Match Group 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.