Shutterstock (NYSE:SSTK) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Shutterstock's stock was upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, signaling increased analyst confidence.
• The company reported a 21.3% increase in quarterly revenue compared to the same period last year, totaling $266.99 million, despite missing EPS expectations.
• Currently, the consensus target price for Shutterstock stands at $43.67, with a mix of hold and buy ratings from various analysts.

Wall Street Zen upgraded shares of Shutterstock (NYSE:SSTK - Free Report) from a hold rating to a buy rating in a research note released on Saturday.

SSTK has been the topic of several other reports. Needham & Company LLC cut their target price on Shutterstock from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Monday, June 2nd. JMP Securities reissued a "market perform" rating on shares of Shutterstock in a report on Monday, May 5th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $43.67.

Shutterstock Stock Down 0.2%

Shares of SSTK stock traded down $0.03 during midday trading on Friday, reaching $20.04. 107,779 shares of the stock were exchanged, compared to its average volume of 469,825. Shutterstock has a 1 year low of $14.35 and a 1 year high of $39.66. The company's 50 day moving average is $18.94 and its two-hundred day moving average is $20.41. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.20. The firm has a market cap of $710.76 million, a PE ratio of 11.07 and a beta of 0.99.

Shutterstock (NYSE:SSTK - Get Free Report) last posted its earnings results on Tuesday, July 29th. The business services provider reported $1.19 earnings per share for the quarter, missing analysts' consensus estimates of $1.65 by ($0.46). Shutterstock had a return on equity of 18.42% and a net margin of 6.36%. The firm had revenue of $266.99 million for the quarter, compared to analysts' expectations of $248.27 million. During the same quarter last year, the company posted $1.00 EPS. The firm's revenue was up 21.3% on a year-over-year basis. On average, equities research analysts predict that Shutterstock will post 3.12 EPS for the current year.

Shutterstock Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, September 4th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 6.6%. The ex-dividend date of this dividend is Thursday, September 4th. Shutterstock's dividend payout ratio (DPR) is currently 72.93%.

Hedge Funds Weigh In On Shutterstock

Institutional investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC grew its position in shares of Shutterstock by 11.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,636 shares of the business services provider's stock valued at $201,000 after purchasing an additional 682 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of Shutterstock by 159.8% during the first quarter. Janney Montgomery Scott LLC now owns 78,652 shares of the business services provider's stock valued at $1,465,000 after purchasing an additional 48,382 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Shutterstock by 50.6% during the fourth quarter. Franklin Resources Inc. now owns 23,209 shares of the business services provider's stock valued at $704,000 after purchasing an additional 7,796 shares in the last quarter. Millennium Management LLC grew its position in shares of Shutterstock by 77.6% during the fourth quarter. Millennium Management LLC now owns 299,412 shares of the business services provider's stock valued at $9,087,000 after purchasing an additional 130,831 shares in the last quarter. Finally, Sei Investments Co. grew its position in Shutterstock by 6.2% in the fourth quarter. Sei Investments Co. now owns 58,977 shares of the business services provider's stock worth $1,791,000 after acquiring an additional 3,439 shares in the last quarter. 82.79% of the stock is 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.