Harbor Spring Capital LLC Cuts Holdings in Match Group, Inc. (NASDAQ:MTCH)

Harbor Spring Capital LLC lessened its holdings in shares of Match Group, Inc. (NASDAQ:MTCH) by 41.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 278,000 shares of the technology company’s stock after selling 198,390 shares during the quarter. Match Group makes up 6.5% of Harbor Spring Capital LLC’s portfolio, making the stock its 2nd biggest position. Harbor Spring Capital LLC owned 0.10% of Match Group worth $11,634,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Bank Julius Baer & Co. Ltd Zurich lifted its stake in shares of Match Group by 92,835.1% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 51,938,629 shares of the technology company’s stock valued at $2,173,632,000 after purchasing an additional 51,882,742 shares during the period. Moneta Group Investment Advisors LLC lifted its position in Match Group by 107,412.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 23,731,116 shares of the technology company’s stock valued at $984,604,000 after buying an additional 23,709,043 shares during the period. Norges Bank bought a new stake in shares of Match Group during the 4th quarter valued at $120,129,000. BlackRock Inc. grew its holdings in Match Group by 5.6% in the first quarter. BlackRock Inc. now owns 35,749,193 shares of the technology company’s stock worth $1,372,412,000 after purchasing an additional 1,889,531 shares during the period. Finally, Eagle Asset Management Inc. purchased a new stake in shares of Match Group in the first quarter worth $62,660,000. Hedge funds and other institutional investors own 93.56% of the company’s stock.

Match Group Trading Down 1.9 %

Shares of MTCH stock traded down $0.62 during trading hours on Tuesday, reaching $31.97. 337,512 shares of the stock were exchanged, compared to its average volume of 4,776,551. The firm has a market capitalization of $8.69 billion, a price-to-earnings ratio of 18.41, a price-to-earnings-growth ratio of 0.55 and a beta of 1.41. The company’s 50-day moving average price is $36.14 and its 200-day moving average price is $39.70. Match Group, Inc. has a 12-month low of $27.85 and a 12-month high of $54.60.

Match Group (NASDAQ:MTCH) last announced its quarterly earnings data on Tuesday, October 31st. The technology company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.04. Match Group had a net margin of 15.42% and a negative return on equity of 173.16%. The company had revenue of $882.00 million during the quarter, compared to analyst estimates of $879.85 million. During the same quarter last year, the business posted $0.45 EPS. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. On average, sell-side analysts expect that Match Group, Inc. will post 1.94 EPS for the current year.

Insiders Place Their Bets

In other news, Director Glenn Schiffman purchased 4,000 shares of the business’s stock in a transaction dated Thursday, November 2nd. The shares were purchased at an average price of $29.11 per share, for a total transaction of $116,440.00. Following the completion of the purchase, the director now owns 22,243 shares in the company, valued at approximately $647,493.73. The purchase was disclosed in a document filed with the SEC, which is available at this link. In the last ninety days, insiders sold 1,500 shares of company stock worth $58,315. 0.72% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

MTCH has been the topic of several research analyst reports. StockNews.com upgraded shares of Match Group from a “hold” rating to a “buy” rating in a research note on Monday, November 6th. JPMorgan Chase & Co. increased their price objective on shares of Match Group from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 13th. Morgan Stanley decreased their target price on Match Group from $97.00 to $55.00 and set an “overweight” rating on the stock in a research note on Thursday, November 2nd. BTIG Research upgraded shares of Match Group from a “neutral” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Wednesday, August 2nd. Finally, Truist Financial cut their price objective on Match Group from $50.00 to $35.00 and set a “hold” rating for the company in a research report on Friday, November 3rd. Six equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Match Group currently has an average rating of “Moderate Buy” and an average price target of $51.50.

Match Group Company Profile

Match Group, Inc provides dating products worldwide. The company's portfolio of brands includes Tinder, Match, The League, Azar, Meetic, OkCupid, Hinge, Pairs, PlentyOfFish, and Hakuna, as well as a various other brands. The company was incorporated in 1986 and is based in Dallas, Texas.