Shutterstock (NYSE:SSTK) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Shutterstock (NYSE:SSTK) from a hold rating to a buy rating in a research report sent to investors on Tuesday.

Several other analysts have also issued reports on SSTK. Morgan Stanley upped 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. Needham & Company LLC restated a buy rating and set a $65.00 price target on shares of Shutterstock in a research report on Tuesday, August 6th.

Shutterstock Stock Down 0.9 %

SSTK opened at $31.87 on Tuesday. The stock has a market cap of $1.13 billion, a PE ratio of 12.35 and a beta of 1.09. Shutterstock has a 52 week low of $31.30 and a 52 week high of $54.40. The business’s fifty day simple moving average is $35.81 and its 200 day simple moving average is $39.11.

Shutterstock (NYSE:SSTK) last released its earnings results 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). Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The firm had revenue of $220.05 million during the quarter, compared to the consensus estimate of $213.44 million. During the same period in the prior year, the company earned $0.76 EPS. The firm’s revenue was up 5.4% compared to the same quarter last year. As a group, equities analysts anticipate that Shutterstock will post 2.99 earnings per share for the current year.

Shutterstock Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were issued a dividend of $0.30 per share. 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 3.77%. Shutterstock’s dividend payout ratio is currently 46.51%.

Hedge Funds Weigh In On Shutterstock

Institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its stake 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 worth $37,000 after buying an additional 952 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in shares of Shutterstock during the second quarter valued at approximately $41,000. Truvestments Capital LLC bought a new position in shares of Shutterstock during the first quarter valued at approximately $42,000. Quarry LP increased its stake in shares of Shutterstock by 313.0% during the second quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock valued at $43,000 after purchasing an additional 842 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in shares of Shutterstock by 69.6% during the second quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock valued at $79,000 after purchasing an additional 838 shares in the last quarter. 82.79% of the stock is owned by institutional investors.

About Shutterstock

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.