Match Group Inc. (NASDAQ:MTCH) Shares Sold by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH reduced its stake in Match Group by 67.9%, selling over 24,000 shares, leaving them with about 11,539 shares valued at $360,000.
• Several equities research analysts have recently lowered their price targets for Match Group, with a consensus rating of "Hold" and an average target of $34.95.
• CEO Spencer M. Rascoff significantly increased his ownership by purchasing 70,885 shares for approximately $1.99 million, raising his total holdings to about $3.86 million.

Allianz Asset Management GmbH lessened its holdings in shares of Match Group Inc. (NASDAQ:MTCH - Free Report) by 67.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,539 shares of the technology company's stock after selling 24,378 shares during the quarter. Allianz Asset Management GmbH's holdings in Match Group were worth $360,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Fulton Bank N.A. raised its stake in shares of Match Group by 3.9% in the first quarter. Fulton Bank N.A. now owns 10,290 shares of the technology company's stock worth $321,000 after buying an additional 388 shares during the period. Ontario Teachers Pension Plan Board raised its stake in shares of Match Group by 1.8% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 23,149 shares of the technology company's stock worth $757,000 after buying an additional 415 shares during the period. Penserra Capital Management LLC raised its stake in Match Group by 2.7% during the 1st quarter. Penserra Capital Management LLC now owns 17,515 shares of the technology company's stock valued at $546,000 after purchasing an additional 455 shares during the period. Janus Henderson Group PLC raised its stake in Match Group by 2.9% during the 4th quarter. Janus Henderson Group PLC now owns 20,688 shares of the technology company's stock valued at $677,000 after purchasing an additional 576 shares during the period. Finally, Fifth Third Bancorp raised its stake in Match Group by 11.2% during the 1st quarter. Fifth Third Bancorp now owns 6,376 shares of the technology company's stock valued at $199,000 after purchasing an additional 640 shares during the period. Institutional investors own 94.05% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on MTCH. Barclays decreased their target price on Match Group from $52.00 to $46.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Evercore ISI reissued a "cautious" rating and set a $32.00 target price on shares of Match Group in a research note on Wednesday, May 21st. Bank of America decreased their target price on Match Group from $36.00 to $33.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. UBS Group lifted their target price on Match Group from $31.00 to $35.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Finally, 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. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Match Group has a consensus rating of "Hold" and an average target price of $34.95.

Match Group Stock Performance

NASDAQ MTCH traded down $0.67 on Friday, reaching $33.60. 6,389,421 shares of the stock traded hands, compared to its average volume of 3,833,109. The company has a fifty day moving average price of $31.86 and a 200-day moving average price of $31.47. The company has a market cap of $8.41 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 0.74 and a beta of 1.36. Match Group Inc. has a 12 month low of $26.39 and a 12 month high of $38.77.

Match Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd were given a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Thursday, July 3rd. Match Group's payout ratio is presently 37.62%.

Insider Activity at Match Group

In related news, CEO Spencer M. Rascoff purchased 70,885 shares of Match Group stock in a transaction dated Friday, May 9th. The stock was purchased at an average cost of $28.05 per share, with a total value of $1,988,324.25. Following the transaction, the chief executive officer owned 137,478 shares in the company, valued at approximately $3,856,257.90. The trade was a 106.45% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.64% of the company's stock.

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.