Shutterstock (NYSE:SSTK) Sets New 1-Year High at $118.86

Shutterstock, Inc. (NYSE:SSTK) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $118.86 and last traded at $118.09, with a volume of 522 shares. The stock had previously closed at $117.34.

Several analysts have recently issued reports on the company. JMP Securities upped their price objective on Shutterstock from $110.00 to $123.00 and gave the stock an “outperform” rating in a report on Wednesday, July 28th. Zacks Investment Research raised Shutterstock from a “hold” rating to a “buy” rating and set a $122.00 price objective on the stock in a report on Tuesday, August 3rd. Needham & Company LLC upped their price objective on Shutterstock from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, July 28th. Truist Securities upped their price objective on Shutterstock from $116.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, September 8th. Finally, Truist upped their price objective on Shutterstock from $116.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, September 8th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Shutterstock presently has a consensus rating of “Buy” and a consensus target price of $110.43.

The company has a fifty day moving average of $107.18 and a two-hundred day moving average of $96.75. The company has a market cap of $4.33 billion, a PE ratio of 40.46, a price-to-earnings-growth ratio of 3.55 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last released its quarterly earnings results on Tuesday, July 27th. The business services provider reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.40. Shutterstock had a return on equity of 25.67% and a net margin of 14.93%. The company had revenue of $189.90 million for the quarter, compared to analyst estimates of $179.45 million. During the same quarter in the prior year, the firm posted $0.62 EPS. Shutterstock’s quarterly revenue was up 19.3% compared to the same quarter last year. As a group, equities research analysts forecast that Shutterstock, Inc. will post 2.36 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 16th. Shareholders of record on Thursday, September 2nd were given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.71%. The ex-dividend date was Wednesday, September 1st. Shutterstock’s dividend payout ratio (DPR) is presently 41.58%.

In other news, CTO Peter Silvio sold 900 shares of the stock in a transaction on Wednesday, September 15th. The stock was sold at an average price of $113.13, for a total transaction of $101,817.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Jonathan Oringer sold 28,378 shares of the stock in a transaction on Thursday, July 8th. The stock was sold at an average price of $100.26, for a total value of $2,845,178.28. The disclosure for this sale can be found here. Insiders sold a total of 180,760 shares of company stock worth $19,218,064 in the last ninety days. 37.40% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of SSTK. Vanguard Group Inc. grew its position in shares of Shutterstock by 6.9% during the 2nd quarter. Vanguard Group Inc. now owns 2,898,493 shares of the business services provider’s stock worth $284,545,000 after buying an additional 186,139 shares in the last quarter. BlackRock Inc. grew its position in shares of Shutterstock by 5.3% during the 1st quarter. BlackRock Inc. now owns 3,524,577 shares of the business services provider’s stock worth $313,828,000 after buying an additional 177,449 shares in the last quarter. Boston Trust Walden Corp bought a new position in shares of Shutterstock during the 2nd quarter worth $17,132,000. Acadian Asset Management LLC grew its position in shares of Shutterstock by 87.9% during the 1st quarter. Acadian Asset Management LLC now owns 366,392 shares of the business services provider’s stock worth $32,624,000 after buying an additional 171,433 shares in the last quarter. Finally, Prudential Financial Inc. grew its position in shares of Shutterstock by 475.7% during the 1st quarter. Prudential Financial Inc. now owns 175,203 shares of the business services provider’s stock worth $15,599,000 after buying an additional 144,771 shares in the last quarter. 64.74% of the stock is currently owned by institutional investors and hedge funds.

About Shutterstock (NYSE:SSTK)

Shutterstock, Inc engages in the operation of marketplace for licensed content. The firm licenses images, video, music, editorial assets, and custom content tailored to a brand’s needs. It operates through the Content Business and Other Category segments. The Content segment consists of Bigstock, Music, and Editorial.

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