Shutterstock (NYSE:SSTK) Lowered to “Hold” Rating by StockNews.com

StockNews.com lowered shares of Shutterstock (NYSE:SSTK) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

Several other brokerages have also recently weighed in on SSTK. Truist Financial dropped their price target on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Needham & Company LLC reiterated a “buy” rating and set a $55.00 price target on shares of Shutterstock in a research note on Tuesday, October 29th. Finally, Morgan Stanley dropped their price target on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, October 21st.

Shutterstock Stock Performance

Shutterstock stock opened at $31.63 on Tuesday. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average of $31.57 and a 200-day moving average of $35.15. The firm has a market cap of $1.10 billion, a P/E ratio of 30.78 and a beta of 1.08. Shutterstock has a 1-year low of $28.85 and a 1-year high of $54.40.

Shutterstock (NYSE:SSTK) last announced its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.25. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business had revenue of $250.59 million during the quarter, compared to the consensus estimate of $240.90 million. During the same quarter last year, the firm earned $0.99 earnings per share. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. Sell-side analysts expect that Shutterstock will post 3.07 EPS for the current year.

Shutterstock Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.79%. The ex-dividend date of this dividend was Friday, November 29th. Shutterstock’s dividend payout ratio is 117.65%.

Hedge Funds Weigh In On Shutterstock

Several hedge funds have recently added to or reduced their stakes in SSTK. Nisa Investment Advisors LLC grew its holdings in Shutterstock by 69.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock valued at $79,000 after purchasing an additional 838 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in Shutterstock during the 2nd quarter valued at about $41,000. Allspring Global Investments Holdings LLC grew its holdings in Shutterstock by 31,733.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock valued at $37,000 after purchasing an additional 952 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Shutterstock during the 2nd quarter valued at about $759,000. Finally, TD Asset Management Inc grew its holdings 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 valued at $69,425,000 after purchasing an additional 215,539 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.