StockNews.com Downgrades Shutterstock (NYSE:SSTK) to Hold

StockNews.com cut shares of Shutterstock (NYSE:SSTK) from a buy rating to a hold rating in a research report report published on Monday.

Several other research analysts have also recently weighed in on the stock. JMP Securities restated a “market perform” rating on shares of Shutterstock in a research report on Monday. Morgan Stanley dropped their target price on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, October 21st. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price target on shares of Shutterstock in a report on Tuesday, October 29th. Finally, Truist Financial dropped 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. 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, the company presently has an average rating of “Hold” and an average target price of $53.67.

Shutterstock Stock Down 4.5 %

NYSE SSTK opened at $30.06 on Monday. The stock’s 50 day simple moving average is $31.54 and its 200 day simple moving average is $34.19. 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 has a one year low of $28.64 and a one year high of $54.40. The firm has a market cap of $1.05 billion, a PE ratio of 29.47 and a beta of 1.08.

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 return on equity of 20.39% and a net margin of 4.03%. The company had revenue of $250.59 million during the quarter, compared to analyst estimates of $240.90 million. During the same period last year, the company posted $0.99 earnings per share. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Shutterstock will post 3.07 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.99%. The ex-dividend date was Friday, November 29th. Shutterstock’s payout ratio is 117.65%.

Institutional Investors Weigh In On Shutterstock

Several hedge funds have recently bought and sold shares of SSTK. Truvestments Capital LLC acquired a new stake in shares of Shutterstock during the third quarter worth $31,000. Allspring Global Investments Holdings LLC raised its stake in shares of Shutterstock by 31,733.3% in 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 period. Quarry LP lifted its holdings in shares of Shutterstock by 313.0% in the second quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock valued at $43,000 after purchasing an additional 842 shares in the last quarter. Headlands Technologies LLC boosted its position in shares of Shutterstock by 1,339.2% during the second quarter. Headlands Technologies LLC now owns 3,339 shares of the business services provider’s stock worth $129,000 after buying an additional 3,107 shares during the period. Finally, Palouse Capital Management Inc. grew its holdings in shares of Shutterstock by 20.7% during the second quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock worth $150,000 after buying an additional 665 shares in the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

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.