Shutterstock (NYSE:SSTK) Raised to “Buy” at StockNews.com

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

SSTK has been the subject of a number of other research reports. Morgan Stanley lifted their price target on Shutterstock from $55.00 to $58.00 and gave the company an equal weight rating in a research note on Tuesday, July 23rd. Needham & Company LLC reiterated a buy rating and set a $65.00 price target on shares of Shutterstock in a research note on Tuesday, August 6th.

Shutterstock Price Performance

Shares of SSTK opened at $33.71 on Friday. The stock has a 50-day moving average of $37.26 and a 200-day moving average of $40.38. The company has a market cap of $1.21 billion, a PE ratio of 13.07 and a beta of 1.09. Shutterstock has a one year low of $32.38 and a one year high of $54.40.

Shutterstock (NYSE:SSTK) last issued its earnings results on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing the consensus estimate 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 quarter in the prior year, the business earned $0.76 earnings per share. Analysts expect that Shutterstock will post 3.22 EPS for the current fiscal year.

Shutterstock Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were paid a $0.30 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.56%. Shutterstock’s payout ratio is presently 46.51%.

Hedge Funds Weigh In On Shutterstock

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Texas Permanent School Fund Corp boosted its stake in shares of Shutterstock by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 20,941 shares of the business services provider’s stock worth $959,000 after buying an additional 271 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Shutterstock by 2.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,575 shares of the business services provider’s stock worth $487,000 after purchasing an additional 309 shares during the period. ProShare Advisors LLC raised its holdings in shares of Shutterstock by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 4,957 shares of the business services provider’s stock worth $227,000 after purchasing an additional 342 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Shutterstock by 0.3% in the 4th quarter. Principal Financial Group Inc. now owns 146,428 shares of the business services provider’s stock worth $7,070,000 after purchasing an additional 372 shares during the period. Finally, Palouse Capital Management Inc. raised its holdings in shares of Shutterstock by 20.7% in the 2nd quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock worth $150,000 after purchasing an additional 665 shares during the period. Hedge funds and other 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.