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

StockNews.com upgraded shares of Shutterstock (NYSE:SSTK - Free Report) from a hold rating to a buy rating in a research report sent to investors on Wednesday.

Other research analysts have also issued reports about the company. Morgan Stanley reduced their price target on Shutterstock from $58.00 to $50.00 and set an "equal weight" rating on the stock in a research report on Monday, October 21st. Needham & Company LLC restated a "buy" rating and set a $55.00 target price on shares of Shutterstock in a report on Tuesday, October 29th. Finally, Truist Financial cut their price target on shares of Shutterstock from $65.00 to $56.00 and set a "buy" rating on the stock in a research report on Wednesday, October 30th.

Shutterstock Price Performance

Shares of SSTK stock traded down $0.12 during trading hours on Wednesday, reaching $30.22. 137,056 shares of the company were exchanged, compared to its average volume of 499,234. Shutterstock has a fifty-two week low of $28.85 and a fifty-two week high of $54.40. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The stock's fifty day moving average is $31.49 and its two-hundred day moving average is $34.78. The company has a market cap of $1.05 billion, a price-to-earnings ratio of 29.63 and a beta of 1.08.

Shutterstock (NYSE:SSTK - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) 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 return on equity of 20.39% and a net margin of 4.03%. The business's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.99 EPS. Sell-side analysts forecast that Shutterstock will post 3.07 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders 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 payout ratio is 117.65%.

Institutional Trading of Shutterstock

A number of large investors have recently bought and sold shares of the business. TD Asset Management Inc lifted its holdings in shares of Shutterstock by 13.7% in the second quarter. TD Asset Management Inc now owns 1,793,925 shares of the business services provider's stock valued at $69,425,000 after purchasing an additional 215,539 shares in the last quarter. Epoch Investment Partners Inc. lifted its stake 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 valued at $42,010,000 after acquiring an additional 201,391 shares in the last quarter. State Street Corp lifted its stake in Shutterstock by 1.4% in the 3rd quarter. State Street Corp now owns 966,694 shares of the business services provider's stock valued at $34,192,000 after acquiring an additional 13,039 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Shutterstock by 4.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider's stock worth $33,648,000 after acquiring an additional 34,243 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Shutterstock by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider's stock worth $20,275,000 after acquiring an additional 25,050 shares in the last quarter. 82.79% of the stock is owned by institutional investors.

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.