Cresset Asset Management LLC Sells 44,334 Shares of Match Group, Inc. (NASDAQ:MTCH)

Cresset Asset Management LLC cut its stake in Match Group, Inc. (NASDAQ:MTCH) by 85.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,777 shares of the technology company’s stock after selling 44,334 shares during the quarter. Cresset Asset Management LLC’s holdings in Match Group were worth $254,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Canada Post Corp Registered Pension Plan bought a new stake in shares of Match Group in the 4th quarter valued at about $43,000. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of Match Group by 30,240.0% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,517 shares of the technology company’s stock valued at $50,000 after acquiring an additional 1,512 shares during the last quarter. Assetmark Inc. increased its stake in shares of Match Group by 14.2% in the 4th quarter. Assetmark Inc. now owns 3,035 shares of the technology company’s stock valued at $99,000 after acquiring an additional 378 shares during the last quarter. Principal Securities Inc. increased its stake in Match Group by 420.3% during the 4th quarter. Principal Securities Inc. now owns 3,283 shares of the technology company’s stock worth $107,000 after purchasing an additional 2,652 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in Match Group during the 4th quarter worth approximately $116,000. 94.05% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MTCH has been the subject of a number of research reports. Morgan Stanley lowered their target price on Match Group from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, April 17th. Citigroup lowered their target price on Match Group from $31.00 to $30.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. HSBC cut Match Group from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. UBS Group reduced their price target on Match Group from $34.00 to $31.00 and set a “neutral” rating for the company in a research report on Tuesday, April 29th. Finally, Wells Fargo & Company reduced their price target on Match Group from $32.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. Sixteen analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $35.91.

Match Group Stock Performance

Shares of NASDAQ:MTCH opened at $29.25 on Friday. Match Group, Inc. has a 52-week low of $26.39 and a 52-week high of $38.84. The company has a market capitalization of $7.33 billion, a P/E ratio of 14.48, a price-to-earnings-growth ratio of 0.82 and a beta of 1.42. The company has a 50-day simple moving average of $29.77 and a 200 day simple moving average of $31.80.

Match Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd will be given a $0.19 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.60%. Match Group’s payout ratio is 37.62%.

Insider Activity

In other Match Group news, President Gary Swidler sold 242,209 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $32.86, for a total transaction of $7,958,987.74. Following the completion of the sale, the president now owns 1,690 shares of the company’s stock, valued at $55,533.40. This trade represents a 99.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Spencer M. Rascoff purchased 70,885 shares of the business’s stock in a transaction on Friday, May 9th. The shares were acquired at an average cost of $28.05 per share, with a total value of $1,988,324.25. Following the acquisition, the chief executive officer now directly owns 137,478 shares in the company, valued at approximately $3,856,257.90. The trade was a 106.45% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.64% of the company’s stock.

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.