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 report sent to investors on Saturday.

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

Shutterstock Stock Performance

Shares of NYSE SSTK opened at $35.13 on Friday. Shutterstock has a 1 year low of $32.38 and a 1 year high of $54.40. The firm’s 50 day moving average price is $37.24 and its 200 day moving average price is $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 (NYSE:SSTK) last announced its earnings results on Tuesday, August 6th. The business services provider reported $1.00 earnings per share (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 firm’s revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.76 EPS. As a group, equities analysts predict that Shutterstock will post 3.22 EPS for the current year.

Shutterstock Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend was Thursday, August 29th. Shutterstock’s dividend payout ratio is presently 46.51%.

Institutional Investors Weigh In On Shutterstock

A number of institutional investors have recently modified their holdings of SSTK. Quantbot Technologies LP boosted its stake in Shutterstock by 2,203.3% during the 1st quarter. Quantbot Technologies LP now owns 23,010 shares of the business services provider’s stock valued at $1,054,000 after purchasing an additional 22,011 shares during the period. TD Asset Management Inc boosted its stake in Shutterstock by 469.3% during the 4th quarter. TD Asset Management Inc now owns 906,391 shares of the business services provider’s stock valued at $43,761,000 after purchasing an additional 747,180 shares during the period. Trigran Investments Inc. boosted its stake in Shutterstock by 15.5% during the 4th quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock valued at $58,647,000 after purchasing an additional 163,268 shares during the period. Brown Advisory Inc. acquired a new position in Shutterstock during the 4th quarter valued at about $21,242,000. Finally, Epoch Investment Partners Inc. boosted its stake in Shutterstock by 68.8% during the 1st quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock valued at $40,503,000 after purchasing an additional 360,415 shares during the period. Institutional investors own 82.79% of the company’s stock.

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.