Shutterstock (NYSE:SSTK) Coverage Initiated by Analysts at StockNews.com

StockNews.com initiated coverage on shares of Shutterstock (NYSE:SSTK) in a research note released on Tuesday. The brokerage issued a hold rating on the business services provider’s stock.

SSTK has been the subject of a number of other research reports. Truist Financial reduced their price objective on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Needham & Company LLC reduced their price target on Shutterstock from $55.00 to $45.00 and set a “buy” rating for the company in a report on Monday, January 13th. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Finally, Morgan Stanley cut their price objective on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, October 21st. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $50.33.

Shutterstock Price Performance

Shares of NYSE SSTK opened at $29.94 on Tuesday. The company has a 50 day simple moving average of $30.75 and a two-hundred day simple moving average of $32.72. Shutterstock has a fifty-two week low of $27.30 and a fifty-two week high of $54.40. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 29.35 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 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, March 6th will be paid a $0.33 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.32 annualized dividend and a dividend yield of 4.41%. This is a boost from Shutterstock’s previous quarterly dividend of $0.30. Shutterstock’s payout ratio is currently 117.65%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SSTK. Truvestments Capital LLC bought a new stake in Shutterstock in the 3rd quarter worth approximately $31,000. Amundi boosted its stake in shares of Shutterstock by 26.2% in the 4th quarter. Amundi now owns 2,350 shares of the business services provider’s stock worth $71,000 after buying an additional 488 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Shutterstock by 167.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider’s stock worth $76,000 after acquiring an additional 1,565 shares during the period. R Squared Ltd purchased a new stake in Shutterstock during the fourth quarter valued at $108,000. Finally, Palouse Capital Management Inc. lifted its holdings in Shutterstock by 13.7% in the fourth quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock valued at $132,000 after acquiring an additional 525 shares during the period. 82.79% of the stock is owned by institutional investors.

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.