Shutterstock (NYSE:SSTK) Reaches New 1-Year Low Following Analyst Downgrade

Shutterstock, Inc. (NYSE:SSTK) shares hit a new 52-week low during mid-day trading on Monday after Needham & Company LLC lowered their price target on the stock from $55.00 to $45.00. Needham & Company LLC currently has a buy rating on the stock. Shutterstock traded as low as $28.34 and last traded at $28.45, with a volume of 407940 shares. The stock had previously closed at $30.58.

A number of other equities analysts have also recently weighed in on SSTK. StockNews.com cut Shutterstock from a “buy” rating to a “hold” rating in a report on Monday, January 6th. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. Truist Financial decreased their target price on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Finally, Morgan Stanley cut their price target on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, October 21st. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $50.33.

Institutional Trading of Shutterstock

A number of institutional investors have recently modified their holdings of the company. Rubric Capital Management LP bought a new stake in shares of Shutterstock during the 2nd quarter valued at about $14,769,000. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Shutterstock during the 3rd quarter worth approximately $8,493,000. Epoch Investment Partners Inc. raised its position in shares of Shutterstock by 22.8% in the 2nd quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock worth $42,010,000 after acquiring an additional 201,391 shares in the last quarter. Rice Hall James & Associates LLC lifted its stake in shares of Shutterstock by 40.7% in the 3rd quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider’s stock valued at $18,724,000 after purchasing an additional 153,154 shares during the period. Finally, Tieton Capital Management LLC bought a new stake in shares of Shutterstock during the second quarter valued at approximately $5,320,000. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

Shutterstock Stock Performance

The company has a 50 day moving average of $31.32 and a two-hundred day moving average of $33.87. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The company has a market capitalization of $1.03 billion, a PE ratio of 29.08 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.25. The company had revenue of $250.59 million during the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. Shutterstock’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the business earned $0.99 EPS. As a group, equities research analysts predict that Shutterstock, Inc. will post 3.07 earnings per share for the current year.

Shutterstock Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend was Friday, November 29th. Shutterstock’s dividend payout ratio (DPR) is presently 117.65%.

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.