Shutterstock (NYSE:SSTK) Now Covered by Analysts at StockNews.com

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

A number of other analysts have also weighed in on SSTK. Needham & Company LLC dropped their price objective on Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, March 7th. JMP Securities reissued a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. Finally, Truist Financial downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $45.33.

Shutterstock Price Performance

SSTK stock opened at $19.47 on Friday. The firm has a market cap of $679.39 million, a P/E ratio of 19.09 and a beta of 1.12. The firm’s fifty day moving average is $27.13 and its 200 day moving average is $30.45. Shutterstock has a 52 week low of $19.13 and a 52 week high of $49.37. 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 announced its quarterly earnings data on Tuesday, February 25th. The business services provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.25). Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The company had revenue of $250.30 million for the quarter, compared to the consensus estimate of $254.16 million. During the same period last year, the business posted $0.72 earnings per share. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. Research analysts predict that Shutterstock will post 3.12 earnings per share for the current year.

Shutterstock Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, March 6th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 6.78%. This is a boost from Shutterstock’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, March 6th. Shutterstock’s dividend payout ratio (DPR) is currently 130.69%.

Hedge Funds Weigh In On Shutterstock

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Amundi lifted its position in Shutterstock by 26.2% during the fourth quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after buying an additional 488 shares during the period. Covestor Ltd boosted its position in shares of Shutterstock by 11.3% in the 4th quarter. Covestor Ltd now owns 5,092 shares of the business services provider’s stock worth $155,000 after purchasing an additional 515 shares in the last quarter. Palouse Capital Management Inc. boosted 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 worth $132,000 after acquiring an additional 525 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in Shutterstock by 1.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider’s stock worth $1,066,000 after purchasing an additional 532 shares in the last quarter. Finally, Snowden Capital Advisors LLC grew its holdings in shares of Shutterstock by 5.4% during the fourth quarter. Snowden Capital Advisors LLC now owns 10,701 shares of the business services provider’s stock valued at $325,000 after buying an additional 548 shares during the last quarter. Hedge funds and other institutional investors own 82.79% of the company’s stock.

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.