Morgan Stanley Boosts Shutterstock (NYSE:SSTK) Price Target to $58.00

Shutterstock (NYSE:SSTK) had its price objective hoisted by Morgan Stanley from $55.00 to $58.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the business services provider’s stock.

Several other research analysts have also commented on SSTK. Needham & Company LLC reissued a buy rating and set a $65.00 price objective on shares of Shutterstock in a report on Tuesday, May 14th. Truist Financial cut their price objective on Shutterstock from $70.00 to $65.00 and set a buy rating for the company in a report on Monday, May 6th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $63.25.

Shutterstock Stock Up 1.9 %

SSTK stock opened at $42.64 on Tuesday. Shutterstock has a twelve month low of $33.80 and a twelve month high of $54.40. The firm has a market capitalization of $1.53 billion, a PE ratio of 16.53 and a beta of 1.12. The stock has a 50-day simple moving average of $39.00 and a two-hundred day simple moving average of $43.25.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings data on Thursday, May 2nd. The business services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.73 by $0.16. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. The company had revenue of $214.32 million during the quarter, compared to analyst estimates of $211.03 million. On average, equities research analysts anticipate that Shutterstock will post 3.38 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Thursday, August 29th will be given a $0.30 dividend. The ex-dividend date is Thursday, August 29th. This represents a $1.20 dividend on an annualized basis and a yield of 2.81%. Shutterstock’s payout ratio is 46.51%.

Insider Buying and Selling

In related news, CEO Paul J. Hennessy acquired 12,500 shares of the stock in a transaction on Thursday, May 23rd. The stock was purchased at an average price of $38.38 per share, for a total transaction of $479,750.00. Following the completion of the transaction, the chief executive officer now owns 87,803 shares of the company’s stock, valued at approximately $3,369,879.14. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Paul J. Hennessy acquired 12,500 shares of the stock in a transaction on Thursday, May 23rd. The stock was purchased at an average price of $38.38 per share, for a total transaction of $479,750.00. Following the completion of the transaction, the chief executive officer now owns 87,803 shares of the company’s stock, valued at approximately $3,369,879.14. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider John Caine sold 5,439 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $42.91, for a total value of $233,387.49. Following the completion of the sale, the insider now owns 1,974 shares of the company’s stock, valued at approximately $84,704.34. The disclosure for this sale can be found here. 32.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Shutterstock

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Texas Permanent School Fund Corp raised its holdings in shares of Shutterstock by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 20,941 shares of the business services provider’s stock valued at $959,000 after acquiring an additional 271 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Shutterstock by 48.7% during the fourth quarter. Fifth Third Bancorp now owns 883 shares of the business services provider’s stock valued at $43,000 after acquiring an additional 289 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in shares of Shutterstock by 58.5% during the fourth quarter. First Horizon Advisors Inc. now owns 894 shares of the business services provider’s stock valued at $43,000 after acquiring an additional 330 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of Shutterstock by 7.4% during the first quarter. ProShare Advisors LLC now owns 4,957 shares of the business services provider’s stock valued at $227,000 after acquiring an additional 342 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Shutterstock by 0.3% during the fourth quarter. Principal Financial Group Inc. now owns 146,428 shares of the business services provider’s stock valued at $7,070,000 after acquiring an additional 372 shares in the last quarter. 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.