Shutterstock’s (SSTK) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Shutterstock (NYSE:SSTK) in a research report released on Tuesday, Benzinga reports. They currently have a $55.00 price target on the business services provider’s stock.

Other equities analysts have also issued research reports about the company. StockNews.com raised Shutterstock from a “hold” rating to a “buy” rating in a research note on Tuesday, October 1st. Morgan Stanley dropped 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.

Shutterstock Price Performance

NYSE SSTK opened at $32.08 on Tuesday. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of 31.45 and a beta of 1.09. Shutterstock has a 12 month low of $28.95 and a 12 month high of $54.40. The company’s 50 day moving average is $33.06 and its two-hundred day moving average is $37.20. The company has a current ratio of 0.42, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 EPS 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 4.03% and a return on equity of 20.39%. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.76 earnings per share. As a group, research analysts anticipate that Shutterstock will post 2.99 earnings per share for the current year.

Shutterstock Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend is Friday, November 29th. Shutterstock’s payout ratio is 117.65%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Texas Permanent School Fund Corp raised its stake in 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 purchasing an additional 271 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Shutterstock by 2.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,575 shares of the business services provider’s stock valued at $487,000 after buying an additional 309 shares in the last quarter. Cascade Investment Advisors Inc. lifted its holdings in shares of Shutterstock by 1.2% in the 3rd quarter. Cascade Investment Advisors Inc. now owns 27,430 shares of the business services provider’s stock valued at $970,000 after acquiring an additional 315 shares during the last quarter. ProShare Advisors LLC grew its position in Shutterstock by 7.4% in the first quarter. ProShare Advisors LLC now owns 4,957 shares of the business services provider’s stock worth $227,000 after acquiring an additional 342 shares in the last quarter. Finally, Palouse Capital Management Inc. increased its stake in Shutterstock by 20.7% during the second quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock worth $150,000 after acquiring an additional 665 shares during the last quarter. 82.79% of the stock is currently 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.