Shutterstock (NYSE:SSTK) Receives Market Perform Rating from JMP Securities

JMP Securities reaffirmed their market perform rating on shares of Shutterstock (NYSE:SSTK) in a research note published on Monday,Benzinga reports.

Several other equities analysts have also recently issued reports on SSTK. Truist Financial decreased their price target on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Morgan Stanley lowered 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. StockNews.com upgraded Shutterstock from a “hold” rating to a “buy” rating in a research report on Wednesday, December 25th. Finally, Needham & Company LLC restated a “buy” rating and set a $55.00 price objective on shares of Shutterstock in a research report on Tuesday, October 29th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Shutterstock currently has an average rating of “Hold” and a consensus target price of $53.67.

Shutterstock Stock Performance

NYSE SSTK opened at $30.06 on Monday. Shutterstock has a fifty-two week low of $28.64 and a fifty-two week high of $54.40. The stock has a market cap of $1.05 billion, a PE ratio of 29.47 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. The firm’s fifty day moving average price is $31.54 and its two-hundred day moving average price is $34.19.

Shutterstock (NYSE:SSTK) last issued its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, topping 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 business had revenue of $250.59 million during the quarter, compared to analysts’ expectations of $240.90 million. During the same quarter in the prior year, the firm earned $0.99 EPS. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. On average, equities analysts expect that Shutterstock will post 3.07 EPS for the current fiscal year.

Shutterstock Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a yield of 3.99%. Shutterstock’s dividend payout ratio (DPR) is currently 117.65%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SSTK. Franklin Resources Inc. increased its holdings in Shutterstock by 6.2% in the third quarter. Franklin Resources Inc. now owns 15,413 shares of the business services provider’s stock worth $545,000 after purchasing an additional 894 shares in the last quarter. Barclays PLC grew its position in shares of Shutterstock by 238.6% during the 3rd quarter. Barclays PLC now owns 50,565 shares of the business services provider’s stock worth $1,788,000 after buying an additional 35,632 shares during the period. Geode Capital Management LLC increased its stake in shares of Shutterstock by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock valued at $20,275,000 after acquiring an additional 25,050 shares in the last quarter. XTX Topco Ltd lifted its position in shares of Shutterstock by 97.3% during the 3rd quarter. XTX Topco Ltd now owns 16,524 shares of the business services provider’s stock valued at $584,000 after acquiring an additional 8,151 shares during the period. Finally, National Bank of Canada FI boosted its stake in Shutterstock by 74.0% during the third quarter. National Bank of Canada FI now owns 9,549 shares of the business services provider’s stock worth $338,000 after acquiring an additional 4,061 shares in the last quarter. 82.79% of the stock is owned by institutional investors.

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.