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 published on Saturday.

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

Shutterstock Stock Performance

Shares of SSTK stock opened at $33.71 on Friday. The stock’s fifty day moving average price is $37.26 and its two-hundred day moving average price is $40.38. The company has a market cap of $1.21 billion, a PE ratio of 13.07 and a beta of 1.09. Shutterstock has a fifty-two week low of $32.38 and a fifty-two week high of $54.40.

Shutterstock (NYSE:SSTK) last issued its 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 business had revenue of $220.05 million during the quarter, compared to analyst estimates of $213.44 million. Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.76 EPS. On average, equities analysts predict that Shutterstock will post 3.22 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Thursday, August 29th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.56%. The ex-dividend date was Thursday, August 29th. Shutterstock’s dividend payout ratio is currently 46.51%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Texas Permanent School Fund Corp raised its position in shares of Shutterstock by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 20,941 shares of the business services provider’s stock worth $959,000 after acquiring an additional 271 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Shutterstock by 2.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,575 shares of the business services provider’s stock worth $487,000 after acquiring an additional 309 shares in the last quarter. ProShare Advisors LLC raised its position in shares of Shutterstock by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 4,957 shares of the business services provider’s stock worth $227,000 after acquiring an additional 342 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Shutterstock by 0.3% in the 4th quarter. Principal Financial Group Inc. now owns 146,428 shares of the business services provider’s stock worth $7,070,000 after acquiring an additional 372 shares in the last quarter. Finally, Palouse Capital Management Inc. raised its position in shares of Shutterstock by 20.7% in the 2nd quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock worth $150,000 after acquiring an additional 665 shares in the last quarter. 82.79% of the stock is owned by 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.