Shutterstock (NYSE:SSTK) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Shutterstock (NYSE:SSTK) in a research note released on Tuesday morning, Benzinga reports. They currently have a $55.00 target price on the business services provider’s stock.

A number of other equities research analysts have also recently commented on the company. Morgan Stanley reduced their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, October 21st. StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a research report on Tuesday, October 1st.

Shutterstock Price Performance

Shares of NYSE:SSTK opened at $32.87 on Tuesday. Shutterstock has a 1 year low of $28.95 and a 1 year high of $54.40. The business’s 50-day moving average is $33.14 and its 200-day moving average is $37.29. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 25.44 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). The company had revenue of $220.05 million during 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 company’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.76 earnings per share. Analysts anticipate that Shutterstock will post 2.99 EPS for the current year.

Shutterstock Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a yield of 3.65%. Shutterstock’s dividend payout ratio (DPR) is currently 91.60%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its stake 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 valued at $37,000 after acquiring an additional 952 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in Shutterstock in the 2nd quarter worth about $41,000. Truvestments Capital LLC bought a new stake in Shutterstock in the 1st quarter worth about $42,000. Quarry LP lifted its position in shares of Shutterstock by 313.0% during the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock worth $43,000 after buying an additional 842 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Shutterstock by 69.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock worth $79,000 after buying an additional 838 shares during the last quarter. 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.