Brokerages Set Shutterstock, Inc. (NYSE:SSTK) Price Target at $87.25

Shares of Shutterstock, Inc. (NYSE:SSTKGet Rating) have earned an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $87.25.

SSTK has been the topic of several analyst reports. Needham & Company LLC dropped their target price on Shutterstock from $100.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, July 27th. TheStreet lowered Shutterstock from a “b-” rating to a “c+” rating in a report on Thursday, June 16th. Truist Financial dropped their target price on Shutterstock from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, July 27th. Redburn Partners started coverage on Shutterstock in a report on Thursday, August 25th. They set a “buy” rating on the stock. Finally, Morgan Stanley started coverage on Shutterstock in a research report on Thursday, July 28th. They set an “equal weight” rating and a $54.00 price target on the stock.

Shutterstock Stock Performance

Shares of SSTK stock opened at $54.61 on Friday. The stock’s 50-day simple moving average is $58.51 and its 200-day simple moving average is $67.31. The firm has a market capitalization of $1.96 billion, a PE ratio of 25.76, a P/E/G ratio of 3.46 and a beta of 1.13. Shutterstock has a fifty-two week low of $50.04 and a fifty-two week high of $128.36.

Shutterstock (NYSE:SSTKGet Rating) last announced its quarterly earnings data on Tuesday, July 26th. The business services provider reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.02. The business had revenue of $206.90 million for the quarter, compared to analyst estimates of $209.17 million. Shutterstock had a return on equity of 21.42% and a net margin of 9.79%. The company’s revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.82 earnings per share. Sell-side analysts forecast that Shutterstock will post 3.15 earnings per share for the current year.

Shutterstock Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were given a dividend of $0.24 per share. The ex-dividend date was Wednesday, August 31st. This represents a $0.96 dividend on an annualized basis and a yield of 1.76%. Shutterstock’s dividend payout ratio is currently 45.28%.

Hedge Funds Weigh In On Shutterstock

Several hedge funds and other institutional investors have recently made changes to their positions in SSTK. Conestoga Capital Advisors LLC lifted its position in shares of Shutterstock by 94.3% in the first quarter. Conestoga Capital Advisors LLC now owns 1,087,633 shares of the business services provider’s stock valued at $101,237,000 after acquiring an additional 527,928 shares in the last quarter. Millennium Management LLC lifted its position in shares of Shutterstock by 119.9% in the second quarter. Millennium Management LLC now owns 531,933 shares of the business services provider’s stock valued at $30,485,000 after acquiring an additional 289,990 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Shutterstock by 247.1% in the second quarter. Assenagon Asset Management S.A. now owns 345,783 shares of the business services provider’s stock valued at $19,817,000 after acquiring an additional 246,149 shares in the last quarter. Copeland Capital Management LLC lifted its position in shares of Shutterstock by 25.6% in the second quarter. Copeland Capital Management LLC now owns 723,006 shares of the business services provider’s stock valued at $41,435,000 after acquiring an additional 147,405 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Shutterstock by 6.9% in the first quarter. Wellington Management Group LLP now owns 2,132,514 shares of the business services provider’s stock valued at $198,495,000 after acquiring an additional 138,474 shares in the last quarter. Hedge funds and other institutional investors own 70.20% of the company’s stock.

Shutterstock Company Profile

(Get Rating)

Shutterstock, Inc, a technology company, provides quality content, and creative workflow solutions in North America, Europe, and internationally. It 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, and 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.

See Also

Analyst Recommendations for Shutterstock (NYSE:SSTK)

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