StockNews.com Initiates Coverage on Shutterstock (NYSE:SSTK)

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

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

Shutterstock Trading Up 0.2 %

Shares of SSTK opened at $19.55 on Friday. The company has a market capitalization of $682.18 million, a P/E ratio of 19.17 and a beta of 1.12. Shutterstock has a one year low of $18.63 and a one year high of $47.89. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. The stock has a 50-day moving average price of $25.96 and a 200 day moving average price of $29.87.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Tuesday, February 25th. The business services provider reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.25). The business had revenue of $250.30 million during the quarter, compared to analysts’ expectations of $254.16 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.72 EPS. Sell-side analysts forecast that Shutterstock will post 3.12 EPS for the current fiscal year.

Shutterstock Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, March 6th were paid a dividend of $0.33 per share. The ex-dividend date was Thursday, March 6th. This represents a $1.32 annualized dividend and a yield of 6.75%. This is a boost from Shutterstock’s previous quarterly dividend of $0.30. Shutterstock’s dividend payout ratio is presently 130.69%.

Institutional Trading of Shutterstock

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC raised its position in shares of Shutterstock by 11.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,636 shares of the business services provider’s stock worth $201,000 after purchasing an additional 682 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Shutterstock during the 4th quarter worth approximately $2,716,000. Mackenzie Financial Corp acquired a new stake in shares of Shutterstock during the 4th quarter worth approximately $552,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Shutterstock by 13.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,769 shares of the business services provider’s stock worth $1,753,000 after purchasing an additional 7,023 shares during the period. Finally, Vident Advisory LLC raised its position in shares of Shutterstock by 9.1% during the 4th quarter. Vident Advisory LLC now owns 15,857 shares of the business services provider’s stock worth $481,000 after purchasing an additional 1,321 shares during the period. 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.