Shutterstock (NYSE:SSTK) Sets New 12-Month Low Following 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 $45.00 to $30.00. Needham & Company LLC currently has a buy rating on the stock. Shutterstock traded as low as $19.52 and last traded at $19.86, with a volume of 446425 shares changing hands. The stock had previously closed at $20.18.

SSTK has been the subject of a number of other reports. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Truist Financial cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, StockNews.com started coverage on Shutterstock in a research note on Friday. They issued a “hold” rating for the company. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $45.33.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. FMR LLC grew its holdings in shares of Shutterstock by 397.5% during the third quarter. FMR LLC now owns 39,193 shares of the business services provider’s stock worth $1,386,000 after purchasing an additional 31,315 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Shutterstock by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock worth $20,275,000 after buying an additional 25,050 shares in the last quarter. Barclays PLC boosted its holdings in shares of Shutterstock by 238.6% during the 3rd quarter. Barclays PLC now owns 50,565 shares of the business services provider’s stock worth $1,788,000 after buying an additional 35,632 shares in the last quarter. Hotchkis & Wiley Capital Management LLC bought a new position in shares of Shutterstock during the 3rd quarter worth approximately $8,493,000. Finally, Weiss Asset Management LP bought a new position in shares of Shutterstock during the 3rd quarter worth approximately $833,000. Institutional investors and hedge funds own 82.79% of the company’s stock.

Shutterstock Price Performance

The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. The business has a 50-day moving average price of $27.98 and a two-hundred day moving average price of $30.84. The company has a market capitalization of $714.07 million, a price-to-earnings ratio of 20.06 and a beta of 1.12.

Shutterstock (NYSE:SSTK) last issued its earnings results on Tuesday, February 25th. The business services provider reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.25). The firm had revenue of $250.30 million for the quarter, compared to analyst estimates of $254.16 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. Shutterstock’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.72 earnings per share. As a group, research analysts anticipate that Shutterstock, Inc. will post 3.12 EPS for the current year.

Shutterstock Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be given a $0.33 dividend. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 6.45%. The ex-dividend date is Thursday, March 6th. Shutterstock’s dividend payout ratio is presently 130.69%.

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.