StockNews.com Upgrades Shutterstock (NYSE:SSTK) to “Buy”

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

Several other research analysts also recently issued reports on the stock. Needham & Company LLC lowered their price objective on shares of Shutterstock from $45.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, March 7th. Truist Financial lowered Shutterstock from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research report on Monday. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $45.33.

Shutterstock Trading Up 4.6 %

NYSE SSTK opened at $17.53 on Monday. Shutterstock has a 12 month low of $14.35 and a 12 month high of $46.10. The company has a market capitalization of $611.69 million, a price-to-earnings ratio of 17.19 and a beta of 1.13. 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 firm’s fifty day moving average price is $17.83 and its 200 day moving average price is $26.06.

Shutterstock (NYSE:SSTK) last posted its earnings results on Friday, May 2nd. The business services provider reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.23). The firm had revenue of $242.62 million for the quarter, compared to analyst estimates of $249.44 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.13 EPS. On average, sell-side analysts expect that Shutterstock will post 3.12 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Thursday, June 5th will be issued a dividend of $0.33 per share. The ex-dividend date is Thursday, June 5th. This represents a $1.32 annualized dividend and a yield of 7.53%. Shutterstock’s dividend payout ratio is currently 130.69%.

Institutional Investors Weigh In On Shutterstock

Institutional investors have recently added to or reduced their stakes in the business. Barclays PLC lifted its holdings in shares of Shutterstock by 238.6% in the 3rd quarter. Barclays PLC now owns 50,565 shares of the business services provider’s stock valued at $1,788,000 after buying an additional 35,632 shares during the period. Franklin Resources Inc. lifted its holdings in Shutterstock by 6.2% in the third quarter. Franklin Resources Inc. now owns 15,413 shares of the business services provider’s stock valued at $545,000 after acquiring an additional 894 shares during the period. Range Financial Group LLC acquired a new stake in Shutterstock in the fourth quarter valued at $691,000. Harbor Capital Advisors Inc. grew its stake in shares of Shutterstock by 1.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider’s stock worth $1,066,000 after purchasing an additional 532 shares during the period. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Shutterstock by 14.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 30,270 shares of the business services provider’s stock valued at $919,000 after purchasing an additional 3,734 shares in the last quarter. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Shutterstock Company Profile

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.