IAC/InterActiveCorp(NASDAQ:IACI) takes additional 10% stake in Tinder, According to Bloomberg

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IAC/InterActiveCorp(NASDAQ:IACI) has purchased another 10% stake in dating app Tinder, which it already majority owns, for $500M, reports Bloomberg, citing people with knowledge of the deal. Shares of IAC are up 4% in afternoon trade following the report.

Analysts have a consensus price target of $68 on IAC/InterActiveCorp(NASDAQ:IACI) which indicates a .47% upside. The consensus rating of the stock is a HOLD with a score of 2.31. There are currently 7 Hold Ratings, 5 Buy ratings and 1 Sell rating on the stock.

A recent analyst action consisted of Topeka Capital Markets boosting their price target from $78 to $98. This came last month after Cowen & Company also upgraded the stock from Market Perform to Outperform.

In related industry news, Jefferies said its Q1 network security survey indicates “respectable” demand trends but with signs of seasonality. The firm sees the potential for modest revenue upside in Q1, but feels it will be on a more selective company to company basis relative to Q4. Jefferies states Palo Alto (PANW) continues to see the largest share gains while the survey data on Fortinet (FTNT) showed a “notable downtick” in expected growth.

 

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