StockNews.com Initiates Coverage on Shutterstock (NYSE:SSTK)

StockNews.com began coverage on shares of Shutterstock (NYSE:SSTK) in a research note issued to investors on Monday. The firm issued a hold rating on the business services provider’s stock.

SSTK has been the topic of several other research reports. JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Truist Financial decreased their target price on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Morgan Stanley lowered their target price on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, October 21st. Finally, Needham & Company LLC reduced their price target on Shutterstock from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $50.33.

Shutterstock Stock Up 1.1 %

Shares of Shutterstock stock opened at $30.10 on Monday. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. Shutterstock has a 12-month low of $27.30 and a 12-month high of $54.40. The company has a market cap of $1.05 billion, a P/E ratio of 29.51 and a beta of 1.08. The company’s fifty day simple moving average is $30.81 and its two-hundred day simple moving average is $32.99.

Shutterstock Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, March 6th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 4.39%. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, March 6th. Shutterstock’s dividend payout ratio (DPR) is presently 129.41%.

Institutional Trading of Shutterstock

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC raised its holdings in Shutterstock by 14.3% in the 2nd quarter. AQR Capital Management LLC now owns 56,321 shares of the business services provider’s stock worth $2,180,000 after acquiring an additional 7,050 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Shutterstock by 2.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,575 shares of the business services provider’s stock worth $487,000 after buying an additional 309 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Shutterstock in the third quarter worth $376,000. Allspring Global Investments Holdings LLC increased its position in Shutterstock by 11,862.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 114,241 shares of the business services provider’s stock valued at $4,041,000 after acquiring an additional 113,286 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Shutterstock in the third quarter valued at about $2,018,000. Hedge funds and other institutional investors 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.