Shutterstock (NYSE:SSTK) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Shutterstock (NYSE:SSTK) from a hold rating to a buy rating in a research report released on Wednesday morning.

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

Shutterstock Trading Down 2.5 %

Shares of SSTK stock opened at $33.87 on Wednesday. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of 13.13 and a beta of 1.09. The firm has a 50-day moving average price of $37.54 and a 200 day moving average price of $40.99. Shutterstock has a twelve month low of $32.72 and a twelve month high of $54.40.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings data 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 firm 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 business’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.76 EPS. As a group, research analysts predict that Shutterstock will post 3.22 earnings per share for the current year.

Shutterstock Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.20 annualized dividend and a dividend yield of 3.54%. Shutterstock’s dividend payout ratio is presently 46.51%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Horizon Advisors Inc. increased its stake in Shutterstock by 58.5% during the fourth quarter. First Horizon Advisors Inc. now owns 894 shares of the business services provider’s stock worth $43,000 after acquiring an additional 330 shares during the last quarter. Truvestments Capital LLC purchased a new stake in shares of Shutterstock during the 1st quarter worth about $42,000. Allspring Global Investments Holdings LLC increased its position in Shutterstock by 31,733.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after purchasing an additional 952 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in Shutterstock in the second quarter valued at approximately $41,000. Finally, Quarry LP lifted its position in 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 buying an additional 842 shares in the last quarter. Institutional investors and hedge funds 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.