Shutterstock (NYSE:SSTK) Rating Reiterated by Needham & Company LLC

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

A number of other equities research analysts have also commented on the company. Truist Financial dropped their price target on Shutterstock from $85.00 to $70.00 and set a buy rating on the stock in a research report on Thursday, February 22nd. StockNews.com lowered shares of Shutterstock from a strong-buy rating to a hold rating in a report on Thursday, February 29th. Finally, Morgan Stanley began coverage on shares of Shutterstock in a research report on Thursday, February 22nd. They issued an equal weight rating and a $55.00 price objective on the stock. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $62.50.

Shutterstock Price Performance

Shares of NYSE:SSTK opened at $39.24 on Thursday. The company has a 50 day moving average of $45.32 and a 200-day moving average of $45.05. Shutterstock has a one year low of $33.80 and a one year high of $58.42. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 15.21 and a beta of 1.13.

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

Shutterstock Dividend Announcement

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

Insider Activity at Shutterstock

In related news, insider John Caine sold 5,440 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $47.20, for a total value of $256,768.00. Following the completion of the sale, the insider now directly owns 5,439 shares in the company, valued at approximately $256,720.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders sold 12,853 shares of company stock valued at $575,630. 32.30% of the stock is owned by corporate insiders.

Institutional Trading of Shutterstock

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Shutterstock by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 2,894,111 shares of the business services provider’s stock worth $110,121,000 after buying an additional 14,197 shares during the period. Copeland Capital Management LLC boosted its holdings in shares of Shutterstock by 37.3% during the fourth quarter. Copeland Capital Management LLC now owns 1,394,278 shares of the business services provider’s stock worth $67,316,000 after acquiring an additional 378,450 shares during the period. LSV Asset Management increased its stake in shares of Shutterstock by 46.3% during the fourth quarter. LSV Asset Management now owns 1,370,843 shares of the business services provider’s stock worth $66,184,000 after purchasing an additional 433,906 shares during the period. Trigran Investments Inc. lifted its holdings in Shutterstock by 15.5% during the 4th quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock worth $58,647,000 after purchasing an additional 163,268 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Shutterstock by 32.9% in the 3rd quarter. Wellington Management Group LLP now owns 944,543 shares of the business services provider’s stock valued at $35,940,000 after purchasing an additional 234,030 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.