Shutterstock (NYSE:SSTK) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Shutterstock (NYSE:SSTK) in a research report sent to investors on Thursday, Benzinga reports. The brokerage currently has a $60.00 price target on the business services provider’s stock.

A number of other research analysts have also recently commented on SSTK. StockNews.com cut Shutterstock from a strong-buy rating to a hold rating in a research note on Thursday, February 29th. Truist Financial dropped their price target on Shutterstock from $85.00 to $70.00 and set a buy rating for the company in a research note on Thursday, February 22nd. Finally, Morgan Stanley began coverage on Shutterstock in a research report on Thursday, February 22nd. They set an equal weight rating and a $55.00 target price for the company. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $62.50.

Shutterstock Trading Down 6.0 %

Shutterstock stock opened at $39.24 on Thursday. Shutterstock has a 12 month low of $33.80 and a 12 month high of $58.42. The stock’s 50 day moving average is $45.32 and its 200-day moving average is $45.14. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 15.21 and a beta of 1.13.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.13. The business had revenue of $217.22 million for the quarter, compared to the consensus estimate of $224.04 million. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. As a group, equities research analysts predict that Shutterstock will post 3.13 earnings per share for the current fiscal year.

Shutterstock Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 30th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Thursday, May 30th. Shutterstock’s dividend payout ratio is currently 46.51%.

Insider Buying and Selling

In other news, insider John Caine sold 5,439 shares of Shutterstock stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $42.91, for a total value of $233,387.49. Following the completion of the transaction, the insider now directly owns 1,974 shares of the company’s stock, valued at approximately $84,704.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 32.30% of the stock is owned by corporate insiders.

Institutional Trading of Shutterstock

Large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its stake in shares of Shutterstock by 4.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 276,340 shares of the business services provider’s stock valued at $10,515,000 after buying an additional 11,333 shares during the period. Federated Hermes Inc. grew its stake in shares of Shutterstock by 75,482.5% in the 3rd quarter. Federated Hermes Inc. now owns 43,082 shares of the business services provider’s stock valued at $1,639,000 after buying an additional 43,025 shares during the period. Hussman Strategic Advisors Inc. grew its stake in shares of Shutterstock by 35.5% in the 3rd quarter. Hussman Strategic Advisors Inc. now owns 42,000 shares of the business services provider’s stock valued at $1,598,000 after buying an additional 11,000 shares during the period. Schroder Investment Management Group acquired a new stake in shares of Shutterstock in the 3rd quarter valued at about $7,046,000. Finally, Raymond James & Associates boosted its stake in Shutterstock by 13.6% during the 4th quarter. Raymond James & Associates now owns 62,343 shares of the business services provider’s stock valued at $3,010,000 after purchasing an additional 7,447 shares during the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

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.