Shutterstock (NYSE:SSTK) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Shutterstock (NYSE:SSTK) in a report published on Thursday, Benzinga reports. They currently have a $60.00 price target on the business services provider’s stock.

A number of other equities analysts have also recently commented on SSTK. Truist Financial dropped their price objective on shares of Shutterstock from $85.00 to $70.00 and set a buy rating for the company in a research note on Thursday, February 22nd. StockNews.com cut shares of Shutterstock from a strong-buy rating to a hold rating in a research note on Thursday, February 29th. Finally, Morgan Stanley began coverage on shares of Shutterstock in a research note on Thursday, February 22nd. They issued an equal weight rating and a $55.00 price objective for the company. 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, Shutterstock currently has a consensus rating of Moderate Buy and a consensus price target of $62.50.

Shutterstock Stock Performance

Shares of NYSE SSTK opened at $39.24 on Thursday. The company has a market cap of $1.41 billion, a P/E ratio of 15.21 and a beta of 1.13. The firm’s fifty day moving average is $45.32 and its two-hundred day moving average is $45.14. Shutterstock has a 52-week low of $33.80 and a 52-week high of $58.42.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.13. The company had revenue of $217.22 million for the quarter, compared to the consensus estimate of $224.04 million. Shutterstock had a net margin of 10.71% and a return on equity of 21.14%. As a group, analysts forecast that Shutterstock will post 3.13 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 30th will be paid a dividend of $0.30 per share. The ex-dividend date is Thursday, May 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.06%. Shutterstock’s dividend payout ratio is presently 46.51%.

Insider Buying and Selling

In related news, insider John Caine sold 5,439 shares of Shutterstock stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $42.91, for a total transaction of $233,387.49. Following the completion of the transaction, the insider now directly owns 1,974 shares of the company’s stock, valued at approximately $84,704.34. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 32.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Shutterstock

A number of large investors have recently made changes to their positions in SSTK. SRS Capital Advisors Inc. lifted its holdings in Shutterstock by 433.3% during the 4th quarter. SRS Capital Advisors Inc. now owns 592 shares of the business services provider’s stock valued at $29,000 after buying an additional 481 shares in the last quarter. Fifth Third Bancorp lifted its holdings in Shutterstock by 48.7% during the 4th quarter. Fifth Third Bancorp now owns 883 shares of the business services provider’s stock valued at $43,000 after buying an additional 289 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in Shutterstock by 58.5% during the 4th quarter. First Horizon Advisors Inc. now owns 894 shares of the business services provider’s stock valued at $43,000 after buying an additional 330 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Shutterstock by 317.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,170 shares of the business services provider’s stock valued at $56,000 after buying an additional 890 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in Shutterstock by 77.2% during the 3rd quarter. Covestor Ltd now owns 2,327 shares of the business services provider’s stock valued at $88,000 after buying an additional 1,014 shares in the last quarter. 82.79% of the stock is owned by hedge funds and other 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.