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 report issued on Saturday morning.

Other analysts also recently issued reports about the stock. Morgan Stanley boosted their target price on shares of Shutterstock from $55.00 to $58.00 and gave the stock an equal weight rating in a report on Tuesday, July 23rd. Needham & Company LLC reiterated a buy rating and issued a $65.00 target price on shares of Shutterstock in a report on Tuesday, August 6th.

Shutterstock Trading Up 4.2 %

Shares of NYSE:SSTK opened at $35.13 on Friday. The company has a 50 day moving average of $37.24 and a 200-day moving average of $40.27. The firm has a market cap of $1.26 billion, a P/E ratio of 13.62 and a beta of 1.09. Shutterstock has a twelve month low of $32.38 and a twelve month high of $54.40.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Tuesday, August 6th. The business services provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). The company had revenue of $220.05 million during 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 revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.76 earnings per share. Equities research analysts forecast that Shutterstock will post 3.22 EPS for the current year.

Shutterstock Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Thursday, August 29th were issued a $0.30 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.42%. Shutterstock’s payout ratio is currently 46.51%.

Institutional Investors Weigh In On Shutterstock

Large investors have recently made changes to their positions in the company. Truvestments Capital LLC acquired a new stake in shares of Shutterstock during the first quarter valued at approximately $42,000. Allspring Global Investments Holdings LLC lifted its position in Shutterstock by 31,733.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after buying an additional 952 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in Shutterstock in the 2nd quarter worth approximately $41,000. Quarry LP lifted its position 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 lifted 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 worth $79,000 after buying an additional 838 shares in the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

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.