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 report published on Tuesday.

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

Shutterstock Stock Down 0.9 %

Shares of SSTK opened at $31.87 on Tuesday. The company has a market capitalization of $1.13 billion, a P/E ratio of 12.35 and a beta of 1.09. The firm has a 50 day moving average of $35.81 and a 200 day moving average of $39.11. Shutterstock has a twelve month low of $31.30 and a twelve month high of $54.40.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results on Tuesday, August 6th. The business services provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.01). The firm had revenue of $220.05 million for the quarter, compared to the consensus estimate of $213.44 million. Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. Shutterstock’s revenue was up 5.4% on a year-over-year basis. During the same period last year, the business earned $0.76 EPS. On average, sell-side analysts expect that Shutterstock will post 2.99 EPS for the current year.

Shutterstock Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend was Thursday, August 29th. Shutterstock’s payout ratio is 46.51%.

Institutional Investors Weigh In On Shutterstock

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Shutterstock by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 2,926,166 shares of the business services provider’s stock valued at $134,048,000 after acquiring an additional 47,929 shares during the period. TD Asset Management Inc grew its position 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 valued at $69,425,000 after acquiring an additional 215,539 shares during the period. LSV Asset Management grew its position in shares of Shutterstock by 30.9% during the 1st quarter. LSV Asset Management now owns 1,793,785 shares of the business services provider’s stock valued at $82,173,000 after acquiring an additional 422,942 shares during the period. Trigran Investments Inc. boosted its holdings in Shutterstock by 15.5% in the 4th quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock worth $58,647,000 after buying an additional 163,268 shares during the period. Finally, Epoch Investment Partners Inc. boosted its holdings in 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 worth $42,010,000 after buying an additional 201,391 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.