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

Shutterstock (NYSE:SSTK) had its price target reduced by Morgan Stanley from $58.00 to $50.00 in a report released on Monday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the business services provider’s stock.

A number of other equities analysts have also recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $65.00 target price on shares of Shutterstock in a report on Tuesday, August 6th. StockNews.com upgraded Shutterstock from a “hold” rating to a “buy” rating in a research note on Tuesday, October 1st.

Shutterstock Price Performance

Shares of SSTK stock opened at $29.25 on Monday. Shutterstock has a one year low of $28.95 and a one year high of $54.40. The stock has a fifty day moving average price of $33.40 and a 200 day moving average price of $37.56. The stock has a market cap of $1.04 billion, a P/E ratio of 22.33 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). The business had revenue of $220.05 million for the quarter, compared to the consensus estimate of $213.44 million. Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. Shutterstock’s revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.76 earnings per share. Equities research analysts anticipate that Shutterstock will post 2.99 EPS for the current year.

Shutterstock Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend is Friday, November 29th. Shutterstock’s payout ratio is 91.60%.

Institutional Investors Weigh In On Shutterstock

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Shutterstock by 1.7% in the first quarter. Vanguard Group Inc. now owns 2,926,166 shares of the business services provider’s stock worth $134,048,000 after purchasing an additional 47,929 shares in the last quarter. TD Asset Management Inc lifted its position in Shutterstock by 13.7% during the 2nd quarter. TD Asset Management Inc now owns 1,793,925 shares of the business services provider’s stock worth $69,425,000 after buying an additional 215,539 shares in the last quarter. LSV Asset Management grew its holdings in 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 acquiring an additional 422,942 shares during the last quarter. Epoch Investment Partners Inc. increased its position in Shutterstock by 22.8% in the 2nd quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock valued at $42,010,000 after acquiring an additional 201,391 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Shutterstock by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider’s stock worth $33,648,000 after acquiring an additional 34,243 shares during the last quarter. 82.79% of the stock is currently 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.