2 Internet Stocks to Buy From a Prospering Industry
The Zacks Internet - Content industry participants like Shutterstock (SSTK) and Opera Limited (OPRA) are benefiting from expanding mobile, digital and cloud-based offerings amid challenging macroeconomic conditions globally.
Wall Street Analysts See a 39.06% Upside in Shutterstock (SSTK): Can the Stock Really Move This High?
The average of price targets set by Wall Street analysts indicates a potential upside of 39.1% in Shutterstock (SSTK). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.
Is Shutterstock (SSTK) Stock Undervalued Right Now?
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Amalgamated Bank Lowers Stock Holdings in Shutterstock, Inc. (NYSE:SSTK)
Amalgamated Bank cut its position in shares of Shutterstock, Inc. (NYSE:SSTK – Free Report) by 7.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,018 shares of the business services provider’s stock after selling 777 shares during the period. Amalgamated Bank’s holdings in Shutterstock were worth $484,000 as of its most recent filing with the Securities & Exchange Commission. Several other hedge funds have also made changes to their positions in SSTK. LSV Asset Management raised its holdings in shares of Shutterstock by 3,416.1% in the third quarter. LSV Asset Management now owns 936,937 shares of the business services provider’s stock valued at $35,650,000 after acquiring an additional 910,290 shares in the last quarter. Trigran Investments Inc. increased its position in Shutterstock by 171.7% during the 3rd quarter. Trigran Investments Inc. now owns 1,051,458 shares of the business services provider’s stock valued at $40,008,000 after purchasing an additional 664,522 shares during the period. Copeland Capital Management LLC raised its holdings in shares of Shutterstock by 37.3% in the 4th quarter. Copeland Capital Management LLC now owns 1,394,278 shares of the business services provider’s stock valued at $67,316,000 after purchasing an additional 378,450 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Shutterstock by 32.9% in the 3rd quarter. Wellington Management Group LLP now owns 944,543 shares of the business services provider’s stock worth $35,940,000 after purchasing an additional 234,030 shares during the period. Finally, Schroder Investment Management Group bought a new position in shares of Shutterstock during the third quarter valued at approximately $7,046,000. 82.79% of the stock is currently owned by hedge funds and other institutional investors. Wall Street Analyst Weigh In A number of research firms have weighed in on SSTK. StockNews.com lowered Shutterstock from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 29th. Needham & Company LLC restated a “buy” rating and set a $65.00 price objective on shares of Shutterstock in a research note on Tuesday, May 14th. Morgan Stanley initiated coverage on Shutterstock in a research note on Thursday, February 22nd. They issued an “equal weight” rating and a $55.00 target price on the stock. Finally, Truist Financial decreased their price target on shares of Shutterstock from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, May 6th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $62.50. Read Our Latest Stock Report on SSTK Shutterstock Price Performance Shutterstock stock opened at $41.94 on Monday. The business has a fifty day moving average price of $43.68 and a 200-day moving average price of $45.50. Shutterstock, Inc. has a 1-year low of $33.80 and a 1-year high of $58.42. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 16.26 and a beta of 1.13. Shutterstock (NYSE:SSTK – Get Free Report) last issued 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 business had revenue of $217.22 million for the quarter, compared to analyst estimates of $224.04 million. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. On average, equities research analysts anticipate that Shutterstock, Inc. will post 3.38 earnings per share for the current fiscal year. Shutterstock Dividend Announcement The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.20 annualized dividend and a dividend yield of 2.86%. Shutterstock’s payout ratio is currently 46.51%. Insider Activity In other Shutterstock news, insider John Caine sold 1,974 shares of Shutterstock stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $43.30, for a total transaction of $85,474.20. Following the completion of the sale, the insider now owns 7,413 shares of the company’s stock, valued at approximately $320,982.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 32.30% of the company’s stock. About Shutterstock (Free Report) 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. Read More Five stocks we like better than Shutterstock With Risk Tolerance, One Size Does Not Fit All MarketBeat Week in Review – 5/13 – 5/17 Natural Gas Prices Continue To Rally, These Stocks Should Benefit Take-Two Interactive Software Offers 2nd Chance for Investors What Does a Gap Up Mean in Stocks? How to Play the Gap Deere & Company’s Q2 Report: Strong Revenue, Cautious Outlook
President Raisi, Who Was Seen As Ayatollah's Successor To Be Iran's Supreme Leader, Confirmed Dead By State Media (UPDATED)
Iranian state news agency IRINN and semi-official news agency Mehr News reported that there were “no survivors” at the crash site of the helicopter carrying President . : Raisi, a former hardline judiciary chief, became Iran’s eighth president in 2021 after a historically uncompetitive presidential election. As a former prosecutor and judge, he oversaw a period of intensified repression of dissent, according to human rights monitors, according to CNN. Raisi was seen as a close ally of Iran’s Supreme Leader, , and was widely believed to be his potential successor. The helicopter crash occurred while Raisi was returning from a visit to the border with Azerbaijan. The aircraft crashed in mountainous terrain amid heavy fog, with the lives of Raisi and his foreign minister reportedly “at risk.” Earlier, Hamas expressed “great concern” following the crash of a helicopter carrying Iranian President Ebrahim Raisi and other officials on Sunday. The details of the crash remain unclear, and Hamas showed “solidarity” with the president and the Iranian people. “In this painful incident, we express our full solidarity with the Islamic Republic of Iran, its leadership, government, and people, and we ask Allah Almighty to protect and ensure the safety of the Iranian President and his accompanying delegation, and to keep all harm away from the brotherly Iranian people,” the Hamas statement reads. According to a statement from China’s Ministry of Foreign Affairs, China expressed deep concern over the “hard landing” of the helicopter carrying Iran’s President Ebrahim Raisi. "Following closely reports that the helicopter carrying the Iranian President and the foreign minister has been forced to land unexpectedly," European Council President Charles Michel said on the social media platform X. : The helicopter crash comes at a time of heightened tension in the region. Just last month, Iran’s President was in Pakistan to mend bilateral relations amid military actions that had strained the two countries’ ties. The visit was seen as a significant step towards normalizing relations, although the ultimate authority on state matters, including nuclear policy, lies with Iran's Supreme Leader Khamenei. Earlier in April, Iran’s state-aligned media reported that the nuclear facilities in Isfahan province were safe following an Israeli strike. The attack, which was confirmed by a U.S. official, was not believed to have targeted nuclear installations. Image Via Shutterstock
Nvidia's $2 Trillion Success Story: How An Act Of Kindness From A Top Sega Executive Saved The Jensen Huang-Led Company In Its Infancy
: In the 1990s, Nvidia was on the brink of collapse. Its first chip was a failure, and the next one was also doomed. It was at this critical juncture that , Nvidia’s CEO, sought a $5 million lifeline from , a top Sega executive. Despite having no obligation to do so, Irimajiri provided the much-needed funds, as reported by The Wall Street Journal. “To his credit,” Huang said, “and my amazement.” It was this act of kindness that saved Nvidia, and it’s a lesson Huang has never forgotten. “You can't discount the kindness of people when you're starting your company,” he said. Irimajiri, a legendary engineer and charismatic executive, played a crucial role in Nvidia’s history. He was the driving force behind Sega’s decision to tap Nvidia to build the graphics-processing unit for the Dreamcast console. Despite initial setbacks, Irimajiri continued to believe in Huang and his vision for the company. Thanks to Irimajiri’s support, Nvidia was able to develop the breakthrough chip that saved the company. In 1999, Nvidia went public, and the rest, as they say, is history. : Nvidia’s remarkable journey from the brink of bankruptcy to a $2 trillion valuation is a testament to the power of resilience and the impact of a single act of kindness. This story also underscores the critical role that early investors and supporters play in the success of a company. Nvidia’s rise to the top has been accompanied by a surge in the stock market. The company’s record-breaking performance has been part of a global trend, with 14 of the world’s 20 largest stock markets hitting all-time highs. However, Nvidia’s position as an industry leader is facing new challenges. and Ampere Computing have launched an AI-focused server, and is introducing AI chips to compete with Nvidia’s components. These developments could impact Nvidia’s future performance and its ability to maintain its position as a market leader. Image Via Shutterstock Engineered by , Edited by The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
