Shutterstock (NYSE:SSTK) Price Target Lowered to $50.00 at Morgan Stanley

by · The Markets Daily

Shutterstock (NYSE:SSTK – Free Report) had its price target trimmed by Morgan Stanley from $58.00 to $50.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an equal weight rating on the business services provider’s stock.

SSTK has been the subject of several other research reports. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price target on shares of Shutterstock in a research note on Tuesday, August 6th. StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a research report on Tuesday, October 1st.

Get Our Latest Stock Analysis on SSTK

Shutterstock Stock Performance

Shares of SSTK opened at $29.25 on Monday. The company has a market capitalization of $1.04 billion, a PE ratio of 22.33 and a beta of 1.09. The company’s 50 day moving average price is $33.40 and its 200 day moving average price is $37.56. Shutterstock has a 52 week low of $28.95 and a 52 week high of $54.40.

Shutterstock (NYSE:SSTK – Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.01). The company had revenue of $220.05 million for the quarter, compared to analysts’ expectations of $213.44 million. Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The company’s revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.76 earnings per share. On average, equities analysts forecast that Shutterstock will post 2.99 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.20 annualized dividend and a yield of 4.10%. Shutterstock’s dividend payout ratio (DPR) is currently 91.60%.

Hedge Funds Weigh In On Shutterstock

A number of institutional investors have recently modified their holdings of the company. TD Asset Management Inc grew its stake 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 valued at $72,306,000 after buying an additional 671,995 shares during the last quarter. LSV Asset Management lifted its position in shares of Shutterstock by 30.9% during 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 last quarter. Rubric Capital Management LP acquired a new position in shares of Shutterstock during the 2nd quarter worth about $14,769,000. Epoch Investment Partners Inc. grew its holdings in Shutterstock by 68.8% in the 1st quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock valued at $40,503,000 after buying an additional 360,415 shares during the last quarter. Finally, Invenomic Capital Management LP grew its holdings in Shutterstock by 30.9% in the 1st quarter. Invenomic Capital Management LP now owns 594,475 shares of the business services provider’s stock valued at $27,233,000 after buying an additional 140,339 shares during the last quarter. Institutional investors own 82.79% of the company’s stock.

Shutterstock Company Profile

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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.

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