Shutterstock (NYSE:SSTK) Upgraded by StockNews.com to Buy Rating

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

A number of other equities analysts have also weighed in on the stock. Morgan Stanley cut their target price on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, October 21st. Truist Financial lowered their target price on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 target price on shares of Shutterstock in a research note on Tuesday, October 29th.

Shutterstock Stock Performance

SSTK opened at $32.68 on Monday. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The company’s fifty day moving average price is $31.55 and its two-hundred day moving average price is $35.35. Shutterstock has a 1-year low of $28.85 and a 1-year high of $54.40. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 32.04 and a beta of 1.08.

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

Shutterstock Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend is Friday, November 29th. Shutterstock’s dividend payout ratio is presently 117.65%.

Hedge Funds Weigh In On Shutterstock

A number of hedge funds have recently bought and sold shares of SSTK. Price T Rowe Associates Inc. MD increased its position in shares of Shutterstock by 9.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,853 shares of the business services provider’s stock valued at $452,000 after purchasing an additional 874 shares during the last quarter. J.Safra Asset Management Corp purchased a new stake in shares of Shutterstock during the 2nd quarter valued at about $348,000. Nisa Investment Advisors LLC grew its stake in shares of Shutterstock by 69.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock valued at $79,000 after acquiring an additional 838 shares during the period. 1620 Investment Advisors Inc. bought a new position in shares of Shutterstock during the 2nd quarter valued at approximately $41,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of 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 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.