Shutterstock (NYSE:SSTK) Reaches New 12-Month Low on Analyst Downgrade

Shutterstock, Inc. (NYSE:SSTK)’s stock price reached a new 52-week low on Monday after Needham & Company LLC lowered their price target on the stock from $55.00 to $45.00. Needham & Company LLC currently has a buy rating on the stock. Shutterstock traded as low as $28.34 and last traded at $28.45, with a volume of 407940 shares trading hands. The stock had previously closed at $30.58.

Other equities analysts have also issued reports about the stock. JMP Securities restated a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. Morgan Stanley lowered their price target on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, October 21st. Truist Financial reduced their price objective on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Finally, StockNews.com lowered shares of Shutterstock from a “buy” rating to a “hold” rating in a research note on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $50.33.

Institutional Investors Weigh In On Shutterstock

A number of large investors have recently made changes to their positions in SSTK. American Century Companies Inc. grew its holdings in Shutterstock by 44.9% during the second quarter. American Century Companies Inc. now owns 35,869 shares of the business services provider’s stock valued at $1,388,000 after purchasing an additional 11,117 shares during the period. BOKF NA grew its stake in shares of Shutterstock by 142.7% during the 2nd quarter. BOKF NA now owns 7,476 shares of the business services provider’s stock valued at $289,000 after acquiring an additional 4,396 shares during the period. Federated Hermes Inc. increased its holdings in Shutterstock by 95.4% in the 2nd quarter. Federated Hermes Inc. now owns 138,719 shares of the business services provider’s stock worth $5,368,000 after acquiring an additional 67,718 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Shutterstock by 13.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 184,300 shares of the business services provider’s stock worth $7,132,000 after acquiring an additional 22,459 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position 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 purchasing an additional 34,243 shares during the period. 82.79% of the stock is currently owned by institutional investors.

Shutterstock Trading Up 3.5 %

The firm has a market capitalization of $1.03 billion, a P/E ratio of 29.08 and a beta of 1.08. The stock’s 50-day simple moving average is $31.32 and its two-hundred day simple moving average is $33.87. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42.

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

Shutterstock Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a $0.30 dividend. The ex-dividend date was Friday, November 29th. This represents a $1.20 annualized dividend and a yield of 4.05%. Shutterstock’s payout ratio is 117.65%.

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.