StockNews.com Upgrades Shutterstock (NYSE:SSTK) to Buy

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

Several other analysts have also commented on the company. 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 reissued a “buy” rating and issued a $55.00 price target on shares of Shutterstock in a report on Tuesday, October 29th. Finally, Truist Financial dropped their price target 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 Stock Performance

Shares of Shutterstock stock opened at $30.22 on Wednesday. The company has a market capitalization of $1.05 billion, a PE ratio of 29.63 and a beta of 1.08. The company has a 50-day simple moving average of $31.49 and a two-hundred day simple moving average of $34.78. Shutterstock has a one year low of $28.85 and a one year 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.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, topping the consensus estimate of $1.06 by $0.25. The firm had revenue of $250.59 million during 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%. Shutterstock’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.99 EPS. Research analysts expect that Shutterstock will post 3.07 EPS for the current fiscal year.

Shutterstock Dividend Announcement

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

Institutional Investors Weigh In On Shutterstock

Institutional investors and hedge funds have recently modified their holdings of the company. TD Asset Management Inc increased its holdings in Shutterstock by 13.7% in 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 buying an additional 215,539 shares during the period. Epoch Investment Partners Inc. boosted its holdings in shares of Shutterstock by 22.8% in the 2nd quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock valued at $42,010,000 after acquiring an additional 201,391 shares during the last quarter. State Street Corp increased its stake 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 worth $34,192,000 after acquiring an additional 13,039 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Shutterstock by 4.1% during the second quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider’s stock worth $33,648,000 after purchasing an additional 34,243 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Shutterstock by 4.6% during the third quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock valued at $20,275,000 after purchasing an additional 25,050 shares during the period. 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.