Shutterstock (NYSE:SSTK) Upgraded at StockNews.com

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

SSTK has been the subject of several other research reports. Morgan Stanley decreased their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. Needham & Company LLC restated a “buy” rating and issued a $55.00 price target on shares of Shutterstock in a research note on Tuesday, October 29th. Finally, Truist Financial dropped their price objective on Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th.

Shutterstock Trading Down 1.4 %

NYSE SSTK opened at $30.26 on Wednesday. Shutterstock has a 52 week low of $28.85 and a 52 week high of $54.40. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. The stock’s 50 day moving average price is $31.45 and its two-hundred day moving average price is $34.72. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 29.67 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. The business had revenue of $250.59 million for the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.99 earnings per share. As a group, analysts anticipate that Shutterstock will post 3.07 earnings per share for the current fiscal year.

Shutterstock Announces Dividend

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

Institutional Trading of Shutterstock

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