Shutterstock, Inc. (NYSE:SSTK) Given Average Rating of “Moderate Buy” by Analysts

Shares of Shutterstock, Inc. (NYSE:SSTK – Get Rating) have been assigned an average recommendation of “Moderate Buy” from the seven brokerages that are presently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $86.67.

A number of research analysts have issued reports on SSTK shares. Morgan Stanley lifted their target price on Shutterstock from $47.00 to $84.00 and gave the company an “equal weight” rating in a research report on Friday, February 10th. Truist Financial lifted their target price on Shutterstock from $70.00 to $86.00 and gave the company a “buy” rating in a research report on Friday, February 10th. JMP Securities cut Shutterstock from an “outperform” rating to a “market perform” rating in a research report on Monday, November 28th. TheStreet upgraded Shutterstock from a “c+” rating to a “b-” rating in a research report on Tuesday, January 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $90.00 price target on shares of Shutterstock in a report on Monday, March 6th.

Shutterstock Stock Up 2.0 %

SSTK stock opened at $70.77 on Friday. The company has a market cap of $2.54 billion, a PE ratio of 34.19, a price-to-earnings-growth ratio of 5.35 and a beta of 1.23. The business has a 50-day simple moving average of $69.92 and a 200 day simple moving average of $58.19. Shutterstock has a 52 week low of $44.61 and a 52 week high of $98.74.

Shutterstock Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 16th. Investors of record on Thursday, March 2nd will be issued a $0.27 dividend. The ex-dividend date is Wednesday, March 1st. This is a boost from Shutterstock’s previous quarterly dividend of $0.24. This represents a $1.08 annualized dividend and a yield of 1.53%. Shutterstock’s dividend payout ratio is presently 52.17%.

Insider Activity at Shutterstock

In related news, Chairman Jonathan Oringer sold 93,692 shares of the company’s stock in a transaction that occurred on Tuesday, January 31st. The stock was sold at an average price of $75.45, for a total value of $7,069,061.40. Following the sale, the chairman now directly owns 11,677,610 shares in the company, valued at $881,075,674.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Shutterstock news, CFO Jarrod Yahes sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 14th. The stock was sold at an average price of $77.51, for a total value of $542,570.00. Following the transaction, the chief financial officer now directly owns 21,341 shares of the company’s stock, valued at $1,654,140.91. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Jonathan Oringer sold 93,692 shares of the business’s stock in a transaction that occurred on Tuesday, January 31st. The shares were sold at an average price of $75.45, for a total value of $7,069,061.40. Following the completion of the transaction, the chairman now directly owns 11,677,610 shares in the company, valued at $881,075,674.50. The disclosure for this sale can be found here. Insiders have sold 167,827 shares of company stock worth $12,746,776 over the last ninety days. Insiders own 35.50% of the company’s stock.

Hedge Funds Weigh In On Shutterstock

Several institutional investors have recently added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new position in shares of Shutterstock during the first quarter worth approximately $27,000. Covestor Ltd raised its position in Shutterstock by 88.6% in the 1st quarter. Covestor Ltd now owns 349 shares of the business services provider’s stock valued at $33,000 after buying an additional 164 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Shutterstock by 588.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 468 shares of the business services provider’s stock valued at $25,000 after buying an additional 400 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in Shutterstock in the 2nd quarter valued at $31,000. Finally, Spire Wealth Management raised its position in Shutterstock by 214.1% in the 3rd quarter. Spire Wealth Management now owns 625 shares of the business services provider’s stock valued at $31,000 after buying an additional 426 shares during the last quarter. 70.01% of the stock is owned by institutional investors and hedge funds.

About Shutterstock

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Shutterstock, Inc engages in the provision of a global creative platform for transformative brands and media companies. Its content types include image, footage, music, and editorial. The company was founded by Jonathan Evan Oringer in 2003 and is headquartered in New York, NY.