Shutterstock (NYSE:SSTK) Upgraded at StockNews.com

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

A number of other analysts also recently issued reports on the company. Needham & Company LLC reissued a buy rating and set a $65.00 price objective on shares of Shutterstock in a research report on Tuesday, August 6th. Morgan Stanley lifted their target price on Shutterstock from $55.00 to $58.00 and gave the company an equal weight rating in a research report on Tuesday, July 23rd.

Shutterstock Trading Down 2.5 %

Shares of NYSE:SSTK opened at $33.87 on Wednesday. The business has a 50-day moving average price of $37.63 and a 200 day moving average price of $41.07. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 13.13 and a beta of 1.10. Shutterstock has a 12-month low of $32.72 and a 12-month high of $54.40.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). The business had revenue of $220.05 million for the quarter, compared to analyst estimates of $213.44 million. Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.76 earnings per share. As a group, equities research analysts predict that Shutterstock will post 3.22 earnings per share for the current fiscal year.

Shutterstock Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.54%. The ex-dividend date of this dividend is Thursday, August 29th. Shutterstock’s dividend payout ratio is currently 46.51%.

Hedge Funds Weigh In On Shutterstock

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Shutterstock by 1.7% in 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 in the last quarter. TD Asset Management Inc boosted its stake in shares of Shutterstock by 13.7% in 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 buying an additional 215,539 shares during the period. LSV Asset Management boosted its stake in shares of Shutterstock by 30.9% in 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 buying an additional 422,942 shares during the period. Trigran Investments Inc. boosted its stake in shares of Shutterstock by 15.5% in the 4th quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock valued at $58,647,000 after buying an additional 163,268 shares during the period. Finally, Epoch Investment Partners Inc. boosted its stake in shares of 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 buying an additional 201,391 shares during the period. 82.79% of the stock is owned by institutional investors and hedge funds.

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.