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

Shares of Shutterstock, Inc. (NYSE:SSTK – Get Rating) have been assigned an average rating of “Moderate Buy” from the seven brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $87.33.

SSTK has been the subject of several recent analyst reports. Truist Financial upped their price objective on shares of Shutterstock from $86.00 to $88.00 in a report on Wednesday, April 26th. Needham & Company LLC restated a “buy” rating and set a $90.00 target price on shares of Shutterstock in a research report on Monday, March 6th. Morgan Stanley boosted their target price on shares of Shutterstock from $47.00 to $84.00 and gave the stock an “equal weight” rating in a research note on Friday, February 10th. Finally, StockNews.com assumed coverage on Shutterstock in a research note on Thursday, May 18th. They set a “buy” rating on the stock.

Insider Buying and Selling at Shutterstock

In other Shutterstock news, Chairman Jonathan Oringer sold 52,835 shares of Shutterstock stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $76.55, for a total value of $4,044,519.25. Following the sale, the chairman now owns 11,475,823 shares of the company’s stock, valued at approximately $878,474,250.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 66,935 shares of company stock valued at $5,104,640 in the last 90 days. 35.50% of the stock is currently owned by company insiders.

Institutional Trading of Shutterstock

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Arizona State Retirement System lifted its position in shares of Shutterstock by 2.3% during the 1st quarter. Arizona State Retirement System now owns 7,264 shares of the business services provider’s stock worth $527,000 after buying an additional 160 shares during the last quarter. Covestor Ltd increased its stake in Shutterstock by 88.6% in the first quarter. Covestor Ltd now owns 349 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 164 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Shutterstock by 2.1% during the fourth quarter. Marshall Wace LLP now owns 8,100 shares of the business services provider’s stock valued at $427,000 after acquiring an additional 169 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in shares of Shutterstock by 6.8% during the first quarter. Neuberger Berman Group LLC now owns 3,208 shares of the business services provider’s stock valued at $298,000 after acquiring an additional 204 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Shutterstock by 9.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,505 shares of the business services provider’s stock worth $132,000 after acquiring an additional 207 shares in the last quarter. Institutional investors and hedge funds own 70.01% of the company’s stock.

Shutterstock Stock Down 1.5 %

Shutterstock stock opened at $53.17 on Wednesday. The stock has a market cap of $1.92 billion, a P/E ratio of 23.53, a P/E/G ratio of 2.89 and a beta of 1.20. The company’s fifty day simple moving average is $65.15 and its 200-day simple moving average is $62.85. Shutterstock has a 12 month low of $44.61 and a 12 month high of $81.23.

Shutterstock Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Wednesday, May 31st. This represents a $1.08 annualized dividend and a yield of 2.03%. Shutterstock’s dividend payout ratio (DPR) is currently 47.79%.

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.