Match Group (NASDAQ:MTCH) Board Authorizes Stock Buyback Plan

Match Group (NASDAQ:MTCH) declared that its Board of Directors has approved a stock buyback plan on Wednesday, December 11th, RTT News reports. The company plans to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to buy up to 19% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MTCH. Wells Fargo & Company dropped their price target on Match Group from $38.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 8th. UBS Group reduced their price target on shares of Match Group from $43.00 to $38.00 and set a “neutral” rating for the company in a report on Friday, November 8th. StockNews.com downgraded shares of Match Group from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Bank of America reissued a “neutral” rating and issued a $35.00 price objective (down previously from $50.00) on shares of Match Group in a research note on Thursday, November 7th. Finally, Barclays dropped their target price on Match Group from $55.00 to $53.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Nine analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Match Group has a consensus rating of “Moderate Buy” and an average price target of $40.73.

Match Group Price Performance

Shares of MTCH stock opened at $31.48 on Thursday. The stock has a 50 day simple moving average of $34.72 and a 200-day simple moving average of $34.15. The company has a market cap of $7.90 billion, a price-to-earnings ratio of 14.05, a PEG ratio of 0.91 and a beta of 1.47. Match Group has a 1-year low of $27.66 and a 1-year high of $42.42.

Match Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 21st. Investors of record on Monday, January 6th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.41%.

Insider Activity at Match Group

In other Match Group news, Director Stephen Bailey sold 801 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $31.61, for a total transaction of $25,319.61. Following the transaction, the director now owns 12,398 shares of the company’s stock, valued at approximately $391,900.78. The trade was a 6.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.77% of the stock is owned by corporate insiders.

Match Group Company 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.