Truist Financial Lowers Shutterstock (NYSE:SSTK) Price Target to $65.00

Shutterstock (NYSE:SSTK) had its target price cut by Truist Financial from $70.00 to $65.00 in a report published on Monday morning, Benzinga reports. They currently have a buy rating on the business services provider’s stock.

Several other brokerages also recently weighed in on SSTK. StockNews.com downgraded Shutterstock from a strong-buy rating to a hold rating in a research note on Thursday, February 29th. Morgan Stanley began coverage on Shutterstock in a research note on Thursday, February 22nd. They set an equal weight rating and a $55.00 target price on the stock. Finally, Needham & Company LLC restated a buy rating and set a $60.00 target price on shares of Shutterstock in a research note on Thursday, May 2nd. Two analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $61.25.

Shutterstock Trading Down 1.6 %

SSTK opened at $38.66 on Monday. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of 14.98 and a beta of 1.13. Shutterstock has a 12 month low of $33.80 and a 12 month high of $58.42. The stock has a fifty day moving average price of $44.86 and a 200-day moving average price of $45.14.

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

Shutterstock Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Thursday, May 30th will be paid a dividend of $0.30 per share. The ex-dividend date is Thursday, May 30th. This represents a $1.20 annualized dividend and a yield of 3.10%. Shutterstock’s payout ratio is presently 46.51%.

Insider Buying and Selling at Shutterstock

In other Shutterstock news, insider John Caine sold 5,439 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $42.91, for a total transaction of $233,387.49. Following the sale, the insider now owns 1,974 shares in the company, valued at approximately $84,704.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 32.30% of the company’s stock.

Hedge Funds Weigh In On Shutterstock

Several institutional investors and hedge funds have recently modified their holdings of SSTK. Vanguard Group Inc. raised its holdings in Shutterstock by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 2,894,111 shares of the business services provider’s stock worth $110,121,000 after purchasing an additional 14,197 shares during the period. LSV Asset Management raised its holdings in Shutterstock by 30.9% in the 1st quarter. LSV Asset Management now owns 1,793,785 shares of the business services provider’s stock worth $82,173,000 after purchasing an additional 422,942 shares during the period. TD Asset Management Inc raised its holdings in Shutterstock by 74.1% in the 1st quarter. TD Asset Management Inc now owns 1,578,386 shares of the business services provider’s stock worth $72,306,000 after purchasing an additional 671,995 shares during the period. Copeland Capital Management LLC raised its holdings in Shutterstock by 37.3% in the 4th quarter. Copeland Capital Management LLC now owns 1,394,278 shares of the business services provider’s stock worth $67,316,000 after purchasing an additional 378,450 shares during the period. Finally, Trigran Investments Inc. raised its holdings in Shutterstock by 15.5% in 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 period. Institutional investors and hedge funds own 82.79% of the company’s stock.

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.