Morgan Stanley Boosts Shutterstock (NYSE:SSTK) Price Target to $58.00

Shutterstock (NYSE:SSTK) had its target price boosted by Morgan Stanley from $55.00 to $58.00 in a report published on Tuesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the business services provider’s stock.

Other equities analysts also recently issued reports about the stock. Truist Financial decreased their price objective on shares of Shutterstock from $70.00 to $65.00 and set a buy rating on the stock in a report on Monday, May 6th. Needham & Company LLC restated a buy rating and issued a $65.00 price target on shares of Shutterstock in a research note on Tuesday, May 14th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $63.25.

Shutterstock Trading Up 1.9 %

NYSE SSTK opened at $42.64 on Tuesday. Shutterstock has a 1 year low of $33.80 and a 1 year high of $54.40. The firm has a market capitalization of $1.53 billion, a P/E ratio of 16.53 and a beta of 1.12. The firm’s fifty day moving average price is $39.00 and its two-hundred day moving average price is $43.25.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Thursday, May 2nd. The business services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.73 by $0.16. Shutterstock had a net margin of 10.71% and a return on equity of 21.14%. The firm had revenue of $214.32 million for the quarter, compared to the consensus estimate of $211.03 million. On average, research analysts anticipate that Shutterstock will post 3.38 EPS for the current fiscal year.

Shutterstock Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Thursday, August 29th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.20 annualized dividend and a dividend yield of 2.81%. Shutterstock’s dividend payout ratio (DPR) is presently 46.51%.

Insider Activity at Shutterstock

In other news, CFO Jarrod Yahes acquired 5,350 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was acquired at an average price of $37.35 per share, with a total value of $199,822.50. Following the completion of the transaction, the chief financial officer now directly owns 43,904 shares of the company’s stock, valued at approximately $1,639,814.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider John Caine sold 5,439 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $42.91, for a total transaction of $233,387.49. Following the completion of the sale, the insider now owns 1,974 shares of the company’s stock, valued at $84,704.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jarrod Yahes acquired 5,350 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average cost of $37.35 per share, with a total value of $199,822.50. Following the transaction, the chief financial officer now directly owns 43,904 shares of the company’s stock, valued at $1,639,814.40. The disclosure for this purchase can be found here. 32.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Texas Permanent School Fund Corp lifted its holdings in shares of Shutterstock by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 20,941 shares of the business services provider’s stock worth $959,000 after acquiring an additional 271 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Shutterstock by 48.7% in the fourth quarter. Fifth Third Bancorp now owns 883 shares of the business services provider’s stock worth $43,000 after acquiring an additional 289 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Shutterstock by 58.5% in the fourth quarter. First Horizon Advisors Inc. now owns 894 shares of the business services provider’s stock worth $43,000 after acquiring an additional 330 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of Shutterstock by 7.4% in the first quarter. ProShare Advisors LLC now owns 4,957 shares of the business services provider’s stock worth $227,000 after acquiring an additional 342 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Shutterstock by 0.3% in the 4th quarter. Principal Financial Group Inc. now owns 146,428 shares of the business services provider’s stock valued at $7,070,000 after buying an additional 372 shares during the last quarter. Institutional investors own 82.79% of the company’s stock.

Shutterstock Company Profile

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.