Shutterstock (NYSE:SSTK) Lifted to Buy at StockNews.com

StockNews.com upgraded shares of Shutterstock (NYSE:SSTK) from a hold rating to a buy rating in a research note published on Tuesday morning.

A number of other equities analysts also recently commented on the company. Needham & Company LLC restated a buy rating and issued a $65.00 price objective on shares of Shutterstock in a report on Tuesday, August 6th. Morgan Stanley lifted their price target on shares of Shutterstock from $55.00 to $58.00 and gave the company an equal weight rating in a research report on Tuesday, July 23rd.

Shutterstock Stock Performance

Shares of SSTK stock opened at $32.70 on Tuesday. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 12.67 and a beta of 1.09. The company has a 50 day moving average price of $35.62 and a 200 day moving average price of $39.01. Shutterstock has a one year low of $31.30 and a one year high of $54.40.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). The firm had revenue of $220.05 million for the quarter, compared to analyst estimates of $213.44 million. Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The company’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.76 earnings per share. As a group, equities analysts forecast that Shutterstock will post 2.99 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.67%. The ex-dividend date was Thursday, August 29th. Shutterstock’s payout ratio is 46.51%.

Institutional Investors Weigh In On Shutterstock

Several hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its position in Shutterstock by 31,733.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock valued at $37,000 after acquiring an additional 952 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in Shutterstock during the 2nd quarter valued at $41,000. Truvestments Capital LLC purchased a new stake in Shutterstock during the 1st quarter worth $42,000. Quarry LP lifted its holdings in Shutterstock by 313.0% in the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock worth $43,000 after buying an additional 842 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in Shutterstock by 69.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock valued at $79,000 after buying an additional 838 shares during the last quarter. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

Shutterstock Company Profile

Shutterstock, Inc provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects in HD and 4K formats that are integrated into websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage.