Truist Financial Cuts Shutterstock (NYSE:SSTK) Price Target to $65.00

Shutterstock (NYSE:SSTK) had its price target trimmed by Truist Financial from $70.00 to $65.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the business services provider’s stock.

Other equities research analysts also recently issued research reports about the company. StockNews.com downgraded Shutterstock from a strong-buy rating to a hold rating in a research report on Thursday, February 29th. Morgan Stanley initiated coverage on Shutterstock in a report on Thursday, February 22nd. They set an equal weight rating and a $55.00 target price for the company. Finally, Needham & Company LLC restated a buy rating and issued a $60.00 price target on shares of Shutterstock in a report on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $61.25.

Shutterstock Stock Performance

SSTK opened at $40.13 on Monday. Shutterstock has a 1 year low of $33.80 and a 1 year high of $58.42. The company’s 50 day simple moving average is $44.69 and its 200 day simple moving average is $45.11. The stock has a market capitalization of $1.44 billion, a PE ratio of 15.55 and a beta of 1.13.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.13. The company had revenue of $217.22 million for the quarter, compared to the consensus estimate of $224.04 million. Shutterstock had a net margin of 10.71% and a return on equity of 21.14%. As a group, sell-side analysts expect that Shutterstock will post 3.13 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th will be paid a $0.30 dividend. The ex-dividend date is Thursday, May 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.99%. Shutterstock’s dividend payout ratio (DPR) is currently 46.51%.

Insider Activity at Shutterstock

In other Shutterstock news, insider John Caine sold 1,974 shares of the company’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $43.30, for a total value of $85,474.20. Following the completion of the transaction, the insider now owns 7,413 shares in the company, valued at approximately $320,982.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 32.30% of the company’s stock.

Hedge Funds Weigh In On Shutterstock

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SSTK. Charles Schwab Investment Management Inc. increased its stake in shares of Shutterstock by 4.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 276,340 shares of the business services provider’s stock worth $10,515,000 after buying an additional 11,333 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of Shutterstock by 75,482.5% in the 3rd quarter. Federated Hermes Inc. now owns 43,082 shares of the business services provider’s stock valued at $1,639,000 after purchasing an additional 43,025 shares in the last quarter. Hussman Strategic Advisors Inc. lifted its position in shares of Shutterstock by 35.5% during the third quarter. Hussman Strategic Advisors Inc. now owns 42,000 shares of the business services provider’s stock worth $1,598,000 after purchasing an additional 11,000 shares during the last quarter. Schroder Investment Management Group bought a new position in shares of Shutterstock during the third quarter worth about $7,046,000. Finally, Raymond James & Associates grew its stake in Shutterstock by 13.6% in the fourth quarter. Raymond James & Associates now owns 62,343 shares of the business services provider’s stock worth $3,010,000 after purchasing an additional 7,447 shares in the last quarter. 82.79% of the stock is owned by hedge funds and other 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.