Evercore ISI Boosts Match Group (NASDAQ:MTCH) Price Target to $38.00

Key Points

• Evercore ISI has raised its price target for Match Group from $32.00 to $38.00, indicating a potential upside of 0.53% from its current price.
• Despite the increase from Evercore ISI, various other brokerages have issued lower price targets, with JPMorgan Chase reducing theirs from $29.00 to $28.00, reflecting mixed analyst sentiments about the stock.
• Insider transactions reveal CEO Spencer M. Rascoff purchased nearly 71,000 shares, significantly increasing his ownership stake in the company.

Match Group (NASDAQ:MTCH - Free Report) had its price objective increased by Evercore ISI from $32.00 to $38.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an in-line rating on the technology company's stock.

Several other research firms have also issued reports on MTCH. Stifel Nicolaus reduced their target price on shares of Match Group from $35.00 to $29.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. JPMorgan Chase & Co. lowered their target price on shares of Match Group from $29.00 to $28.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. UBS Group increased their price target on Match Group from $31.00 to $35.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Wall Street Zen downgraded Match Group from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. Finally, Citigroup cut their target price on Match Group from $31.00 to $30.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Sixteen analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $35.44.

Match Group Price Performance

Match Group stock traded down $0.29 during mid-day trading on Wednesday, reaching $36.06. 868,448 shares of the stock traded hands, compared to its average volume of 4,822,649. The business's 50-day moving average is $32.27 and its 200-day moving average is $31.55. The stock has a market capitalization of $9.03 billion, a PE ratio of 17.77, a price-to-earnings-growth ratio of 0.80 and a beta of 1.36. Match Group has a 12-month low of $26.39 and a 12-month high of $38.77.

Match Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, October 3rd will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, October 3rd. Match Group's dividend payout ratio is presently 37.44%.

Institutional Trading of Match Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MTCH. Stratos Wealth Partners LTD. grew its stake in shares of Match Group by 5.0% during the first quarter. Stratos Wealth Partners LTD. now owns 19,671 shares of the technology company's stock valued at $614,000 after buying an additional 939 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Match Group by 7.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,132 shares of the technology company's stock valued at $1,015,000 after acquiring an additional 2,429 shares during the period. QRG Capital Management Inc. grew its position in Match Group by 34.0% in the 1st quarter. QRG Capital Management Inc. now owns 15,897 shares of the technology company's stock valued at $496,000 after acquiring an additional 4,035 shares during the last quarter. GAMMA Investing LLC increased its stake in Match Group by 79.2% in the first quarter. GAMMA Investing LLC now owns 9,255 shares of the technology company's stock worth $289,000 after purchasing an additional 4,090 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in shares of Match Group by 9.3% during the first quarter. Envestnet Asset Management Inc. now owns 553,599 shares of the technology company's stock worth $17,272,000 after purchasing an additional 47,137 shares during the last quarter. 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.