The stock of Match Group (NAS:MTCH, 30-year Financials) is estimated to be significantly overvalued, according to GuruFocus Value calculation. GuruFocus Value is GuruFocus' estimate of the fair value at which the stock should be traded. It is calculated based on the historical multiples that the stock has traded at, the past business growth and analyst estimates of future business performance. If the price of a stock is significantly above the GF Value Line, it is overvalued and its future return is likely to be poor. On the other hand, if it is significantly below the GF Value Line,

Tom Gayner (Trades, Portfolio)'s Markel Gayner Asset Management Corp. sold shares of the following stocks during the fourth quarter, which ended on Dec. 31.

Rollins

The firm curbed its position in Rollins Inc. (ROL) by 33.33%. The trade had an impact of -0.25% on the portfolio.

The company, which provides pest and termite control services, has a market cap of $18.46 billion and an enterprise value of $18.75 billion.

GuruFocus gives the company a profitability rating of 9 out of 10. The return on equity of 29.96% and return on assets

In early February, Match Group (MTCH) reported results for the fourth quarter of fiscal 2020. Revenues for the period increased 19% year-over-year to $651 million, the fastest top-line growth quarter for the year, with North America and International both growing high-teens. Growth reflects a double digit increase in average subscribers (+12% globally to 10.9 million), along with a mid-single digit increase in average revenue per user (ARPU) attributable to strength in North America (for the year, International ARPU was flat on a constant currency basis).

As shown below, Match Group has added paid subscribers in every quarter over the past

Sands Capital Management recently disclosed its portfolio updates for the third quarter of 2020, which ended on Sept. 30.

Founded in 1992 by Frank M. Sands Sr., Sands Capital Management is a staff-owned independent investment management firm that invests in high-quality growth business. Frank Sands (Trades, Portfolio) Jr. joined the firm in 2000 and now serves as CEO and chief investment officer. The Arlington, Virginia-based firm has two main concentrated growth strategies: Select Growth, which chooses innovative businesses, and Global Growth, which diversifies holdings in countries outside of the U.S. Sands Capital Management has achieved success by

Lone Pine Capital, the hedge fund founded by Steve Mandel (Trades, Portfolio) in 1997, disclosed its portfolio for the third quarter of 2020 earlier this week.

The Greenwich, Connecticut-based firm picks stocks using a long-short strategy that focuses on bottom-up, fundamental analysis. Combining growth and value strategies, the firm, whose founder was a former "tiger cub" of Julian Robertson (Trades, Portfolio), is known to not hold positions for very long.

Keeping these considerations in mind, the firm entered 11 new positions during the three months ended Sept. 30, sold out of six stocks and

In early November, Match Group (MTCH) reported results for the third quarter of fiscal 2020. Revenues for the period increased 18% year-over-year to $640 million, with North America up 20% and International up 17%. Growth in the quarter reflects a double digital increase in average subscribers (+12% to 10.8 million), along with a mid-single digit increase in average revenue per user (ARPU). As shown below, growth in the quarter reflects continued gains for the company's most important brand, Tinder, as well as an increase amongst its remaining (non-Tinder) brands.

In the third quarter, Tinder had 6.6

We added Match Group (MTCH) to the Fund in the third quarter. With popular brands, including Tinder, Match.com, Meetic, OurTime, PlentyofFish, Pairs, OKCupid, and Hinge, Match Group is the global leader in online dating. Some estimates suggest that globally, approximately 25% of the 600-700 million single adults use online dating services—suggesting a massive and largely untapped market. We believe Tinder, the most-downloaded and top-grossing dating app in the world, has significant room for further paid-subscriber penetration. We view the company as largely, structurally immune from Big Tech competition and well-positioned in a post-COVID world, as growth is set to

MANAGER COMMENTARY

As of 09/30/2020

"The U.S. economy continues to recover from the worst effects of the pandemic, but the pace of the rebound appears to be moderating." Jennison Associates LLC

Market in Review

Equities markets continued their vigorous, post-March rally in the third quarter, as the realities of COVID-19 continued to dictate daily conduct for individuals, businesses, and governments around the world. Behaviors, which seemed disorienting and disruptive in the spring, became routine throughout the summer and early fall. Work-from-home remained the standard, while countries and enterprises experimented tentatively with reopenings. Global infection rates reflected varying policy and social

Spiros Segalas (Trades, Portfolio), manager of the Harbor Capital Appreciation Fund, disclosed his third-quarter portfolio earlier this week.

Part of Chicago-based Harbor Funds, the guru's fund primarily invests in companies with market caps of at least $1 billion at the time of purchase. He focuses on companies that have strong balance sheets and earnings performance, good sales momentum and growth outlook, a history of high profitability, a unique market position and a capable, committed management team.

Based on these criteria, Segalas established five new positions, divested of seven holdings and added to or curbed a number of

Baron Funds recently released its portfolio updates for the first quarter of 2020, which ended on March 31.

Founded by Ron Baron (Trades, Portfolio) in 1982, Baron Funds is a long-term asset management firm that invests in well-researched value opportunities led by quality management teams. The firm seeks to ignore short-term market fluctuations as long as they do not change a company’s fundamentals. Baron manages the Growth and Partners funds and co-manages the Asset Fund, with a preference for small and mid-cap companies that demonstrate strong competitive advantages and growth prospects.

Based on its investing criteria, the

Match Group Inc. (MTCH) reported results for the first quarter of fiscal 2020 earlier this month.

Revenue for the period increased 17% to $545 million (up 19% in constant currencies), with North America sales up 11% and International sales up 26%. Growth in the quarter reflects mid-teens growth in subscribers, along with a small tailwind from an increase in average revenues per user (ARPU), which increased 3% in constant currencies. As shown below, growth for Match Group continues to be driven by Tinder, offset by stagnation amongst its remaining brands (as a whole).

Tinder now has

Match Group Inc. (MTCH) topped analysts’ expectations on third-quarter GAAP earnings and revenue after the closing bell on Tuesday. The Dallas, Texas-based online dating website posted a GAAP earnings per share of 51 cents, up 16% year over year, on $541.49 million in revenue. The top line grew 22% from the same quarter of 2018.

Analysts expected Match would have posted lower GAAP earnings per share of 42 cents and revenue of $540.73 million. Nevertheless, despite surpassing analyst expectations, shares of Match Group fell sharply by $10.58 (or 15.38%) to a price of $58.19 in after-hours trading.

The company reported

According to GuruFocus Insider Data, the recent CFO sells were: Extra Space Storage Inc. (EXR), IAC/InterActiveCorp (IAC), and Facebook Inc. (FB).

Extra Space Storage Inc.: Executive Vice President and CFO P. Scott Stubbs sold 9,200 shares

Executive Vice President and CFO P. Scott Stubbs sold 9,200 shares for $120.9 per share on Aug. 15. Since then, the stock price has increased by 0.84%. Extra Space Storage Inc. has a market cap of $15.67 billion and its shares were traded around $121.92. The company has a P/E ratio of 36.18 and P/S ratio of 13.12. The trailing 12-month dividend yield of

Hedge fund manager David Einhorn (Trades, Portfolio) is the founder and president of Greenlight Capital. According to the GuruFocus All-In-One Screener, the following stocks are the best performers in his portfolio on a 12-month basis.

IAC/InterActiveCorp (IAC)

The guru holds 0.39% of the company's outstanding shares, representing 1.59% of his equity portfolio. The investment has gained an estimated 47% since the first quarter of 2018.

The media and internet company has a GuruFocus profitability and growth rating of 7 out of 10. The company's return on equity of 21.10% and return

David Einhorn (Trades, Portfolio), an investor whose talents won him acclaim with his Greenlight hedge fund since its founding in 1996, hit a bad patch this year. The firm tacked a 6.5% slide to its performance in August, placing its loss for the first eight months of the year at 20.9%. That return is putting the firm on pace for the worst performance of its history, falling below the 20.2% loss of its previous worst year, in 2015.

Much of the decline has stemmed from his top four holdings. General Motors (GM), which is about 26% of

Greenlight Capital leader David Einhorn (Trades, Portfolio) bought shares of the following stocks in the first quarter.

The guru boosted his position in Ensco PLC (ESV) by 106.19%, impacting the portfolio by 1.13%.

The company provides offshore contract drilling services to national and international oil companies. It has a market cap of $3.01 billion and an enterprise value of $7.13 billion.

GuruFocus gives the company a profitability and growth rating of 4 out of 10. While the return on equity of -4.99% is underperforming the sector, the return on assets of -2.96%

David Einhorn (Trades, Portfolio)’s Greenlight Capital initiated a total of nine positions in the early months of the year.

Einhorn’s top buy in the first quarter was in New York-based media company IAC/InteractiveCorp. (IAC). It operates a family of websites, including Match.com, Tinder and HomeAdvisor.

IAC sits in 0.98% of the portfolio. Greenlight bought over 249,000 shares for an average price of under $148 a share. The holdings reported as an estimated loss of 3% to date.

Greenlight also initiated a top position in the stock of New York luxury designer Tapestry Inc. (TPR), which holds 0.14%

Last week’s market volatility was just enough to get the heart racing in time for Valentine’s Day. But now that things have calmed down a bit, let’s take a look at stocks of companies that depend on Cupid to help improve free cash flow.

What would Valentine’s Day be without chocolate? If milk chocolate is not a good choice, don’t forget The Hershey Co. (HSY) also makes mints, hard candy like The Jolly Rancher and other popular confections like Reese's, Kit Kat, Twizzlers and Ice Breakers.

Early Tuesday afternoon, the Pennsylvania-based company’s shares were slightly down 0.28% to just under

The yellow metal has increased nearly 17% year to date on the bullion market and therefore also its Canadian producers. Some of them such as Iamgold Corp. (IAG) and Kinross Gold Corp. (KGC) have benefited the most from rising commodity prices as well as those investors who decided to get exposure to changes in the gold price through them.

Gold also made the most popular Canadian gold mining stocks grow on the stock market through upswings and downswings. I want to analyze those upswings in the market value of these gold stocks to see whether, other than the rise in

Zeke Ashton (Trades, Portfolio) may run a concentrated portfolio, just a couple of dozen stocks at most, but he finds it difficult to stay fully invested in this market.

He wants to find above-average total returns and get them, likes to collect dividends and sometimes write covered calls. Above all, he searches for quality stocks in fields he understands well.

Ashton’s vehicle is the Centaur Total Return Fund, which began life in 2005 as the Tilson Dividend Fund. Over the past 10 years, he has averaged 7.7% per year, 0.8% per year better than