Shutterstock (NYSE:SSTK) Sets New 1-Year Low – Here’s Why

Shutterstock, Inc. (NYSE:SSTK)’s share price hit a new 52-week low on Friday . The company traded as low as $28.65 and last traded at $28.90, with a volume of 45736 shares traded. The stock had previously closed at $29.17.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SSTK shares. StockNews.com upgraded shares of Shutterstock from a “hold” rating to a “buy” rating in a research report on Wednesday, December 25th. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price target on shares of Shutterstock in a research note on Tuesday, October 29th. Truist Financial lowered their price target on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Finally, Morgan Stanley reduced their price objective on 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

The company’s 50 day moving average is $31.53 and its 200 day moving average is $34.33. The firm has a market cap of $1.10 billion, a P/E ratio of 30.85 and a beta of 1.08. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.25. The company had revenue of $250.59 million for the quarter, compared to the consensus estimate of $240.90 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 7.4% on a year-over-year basis. During the same quarter last year, the business posted $0.99 EPS. As a group, equities analysts predict that Shutterstock, Inc. will post 3.07 earnings per share for the current fiscal year.

Shutterstock Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.81%. The ex-dividend date was Friday, November 29th. Shutterstock’s dividend payout ratio is currently 117.65%.

Hedge Funds Weigh In On Shutterstock

Several large investors have recently modified their holdings of SSTK. Truvestments Capital LLC acquired a new stake in Shutterstock in the third quarter valued at $31,000. Allspring Global Investments Holdings LLC increased its stake in shares of Shutterstock by 31,733.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock valued at $37,000 after buying an additional 952 shares during the period. Quarry LP raised its position in shares of Shutterstock by 313.0% during the second quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock worth $43,000 after acquiring an additional 842 shares during the last quarter. Headlands Technologies LLC lifted its stake in shares of Shutterstock by 1,339.2% in the second quarter. Headlands Technologies LLC now owns 3,339 shares of the business services provider’s stock worth $129,000 after acquiring an additional 3,107 shares during the period. Finally, Palouse Capital Management Inc. boosted its holdings in Shutterstock by 20.7% in the second quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock valued at $150,000 after acquiring an additional 665 shares during the last quarter. Institutional investors own 82.79% of the company’s stock.

Shutterstock Company Profile

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.