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 note released on Wednesday.

Several other research analysts have also recently commented on SSTK. Morgan Stanley lowered their target price on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, October 21st. Truist Financial dropped their price objective on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $55.00 target price on shares of Shutterstock in a research report on Tuesday, October 29th.

Shutterstock Stock Performance

Shares of NYSE SSTK opened at $30.26 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 29.67 and a beta of 1.08. The stock’s fifty day moving average price is $31.45 and its two-hundred day moving average price is $34.72. Shutterstock has a one year low of $28.85 and a one year high of $54.40.

Shutterstock (NYSE:SSTK) last released its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, beating the consensus estimate of $1.06 by $0.25. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business had revenue of $250.59 million for the quarter, compared to the consensus estimate of $240.90 million. During the same period in the prior year, the company posted $0.99 earnings per share. Shutterstock’s revenue was up 7.4% compared to the same quarter last year. On average, equities analysts forecast that Shutterstock will post 3.07 EPS for the current year.

Shutterstock Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a dividend of $0.30 per share. The ex-dividend date was Friday, November 29th. This represents a $1.20 annualized dividend and a dividend yield of 3.97%. Shutterstock’s dividend payout ratio is 117.65%.

Hedge Funds Weigh In On Shutterstock

Several hedge funds and other institutional investors have recently modified their holdings of SSTK. TD Asset Management Inc lifted its position in shares of Shutterstock by 13.7% during the 2nd quarter. TD Asset Management Inc now owns 1,793,925 shares of the business services provider’s stock worth $69,425,000 after buying an additional 215,539 shares during the last quarter. Epoch Investment Partners Inc. raised its stake in Shutterstock by 22.8% during the second quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock worth $42,010,000 after acquiring an additional 201,391 shares in the last quarter. State Street Corp raised its stake in Shutterstock by 1.4% during the third quarter. State Street Corp now owns 966,694 shares of the business services provider’s stock worth $34,192,000 after acquiring an additional 13,039 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Shutterstock by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider’s stock worth $33,648,000 after acquiring an additional 34,243 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Shutterstock by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock valued at $20,275,000 after purchasing an additional 25,050 shares in the last quarter. Institutional investors 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.