Shutterstock’s (SSTK) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Shutterstock (NYSE:SSTK) in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a $60.00 target price on the business services provider’s stock.

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

Shutterstock Price Performance

Shares of SSTK stock opened at $39.24 on Thursday. Shutterstock has a 1-year low of $33.80 and a 1-year high of $58.42. The firm’s 50-day simple moving average is $45.32 and its 200-day simple moving average is $45.05. The firm has a market cap of $1.39 billion, a P/E ratio of 15.21 and a beta of 1.13.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Wednesday, February 21st. The business services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.13. Shutterstock had a net margin of 10.71% and a return on equity of 21.14%. The company had revenue of $217.22 million during the quarter, compared to analysts’ expectations of $224.04 million. Analysts expect that Shutterstock will post 3.13 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 30th will be issued a $0.30 dividend. The ex-dividend date is Thursday, May 30th. This represents a $1.20 annualized dividend and a yield of 3.06%. Shutterstock’s dividend payout ratio is presently 46.51%.

Insider Transactions at Shutterstock

In other Shutterstock news, insider John Caine sold 5,439 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $42.91, for a total transaction of $233,387.49. Following the transaction, the insider now owns 1,974 shares of the company’s stock, valued at approximately $84,704.34. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last 90 days, insiders sold 12,853 shares of company stock valued at $575,630. Insiders own 32.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. LSV Asset Management lifted its position in Shutterstock by 3,416.1% in the 3rd quarter. LSV Asset Management now owns 936,937 shares of the business services provider’s stock valued at $35,650,000 after purchasing an additional 910,290 shares during the last quarter. TD Asset Management Inc raised its stake in Shutterstock by 469.3% during the 4th quarter. TD Asset Management Inc now owns 906,391 shares of the business services provider’s stock valued at $43,761,000 after acquiring an additional 747,180 shares in the last quarter. Trigran Investments Inc. boosted its position in Shutterstock by 171.7% during the 3rd quarter. Trigran Investments Inc. now owns 1,051,458 shares of the business services provider’s stock worth $40,008,000 after acquiring an additional 664,522 shares during the period. Brown Advisory Inc. bought a new position in shares of Shutterstock in the fourth quarter worth $21,242,000. Finally, Copeland Capital Management LLC raised its stake 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 valued at $67,316,000 after purchasing an additional 378,450 shares in the last quarter. 82.79% of the stock is currently owned by institutional investors.

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.