Fred Alger Management LLC Invests $256,000 in 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 Match Group Inc. (NASDAQ:MTCH - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The firm acquired 8,214 shares of the technology company's stock, valued at approximately $256,000.

A number of other large investors have also modified their holdings of MTCH. NBC Securities Inc. acquired a new stake in shares of Match Group in the first quarter valued at about $37,000. SVB Wealth LLC bought a new stake in shares of Match Group in the 1st quarter worth approximately $49,000. Summit Securities Group LLC bought a new stake in Match Group during the 1st quarter valued at $54,000. Mather Group LLC. raised its stake in Match Group by 130.1% during the 1st quarter. Mather Group LLC. now owns 2,536 shares of the technology company's stock valued at $79,000 after acquiring an additional 1,434 shares in the last quarter. Finally, CX Institutional bought a new stake in Match Group during the 1st quarter valued at $103,000. Institutional investors and hedge funds own 94.05% of the company's stock.

Analyst Ratings Changes

MTCH has been the topic of several recent analyst reports. Susquehanna lifted their target price on Match Group from $40.00 to $45.00 and gave the company a "positive" rating in a research note on Thursday, August 7th. Wells Fargo & Company lifted their target price on Match Group from $31.00 to $32.00 and gave the company an "equal weight" rating in a research note on Friday, June 27th. JPMorgan Chase & Co. lifted their target price on Match Group from $28.00 to $33.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Wall Street Zen downgraded Match Group from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Finally, Evercore ISI lifted their price target on Match Group from $32.00 to $38.00 and gave the company an "in-line" rating in a research report on Wednesday, August 6th. Five research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $35.44.

Insider Activity

In other news, Director Stephen Bailey sold 12,500 shares of Match Group stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $36.72, for a total transaction of $459,000.00. Following the transaction, the director owned 8,058 shares in the company, valued at approximately $295,889.76. The trade was a 60.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Philip D. Eigenmann sold 6,531 shares of Match Group stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $37.52, for a total value of $245,043.12. Following the transaction, the chief accounting officer owned 23,240 shares in the company, valued at $871,964.80. This represents a 21.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,454 shares of company stock worth $907,839. 0.64% of the stock is owned by corporate insiders.

Match Group Stock Down 0.8%

Shares of NASDAQ MTCH opened at $37.90 on Thursday. The stock has a market capitalization of $9.12 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 0.76 and a beta of 1.36. The stock's fifty day simple moving average is $35.39 and its 200 day simple moving average is $32.07. Match Group Inc. has a 52-week low of $26.39 and a 52-week high of $39.20.

Match Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors 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 payout ratio is presently 37.44%.

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.

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