Shutterstock (NYSE:SSTK) Hits New 52-Week Low on Analyst Downgrade

Shutterstock, Inc. (NYSE:SSTK) shares reached a new 52-week low during mid-day trading on Monday after Needham & Company LLC lowered their price target on the stock from $45.00 to $30.00. Needham & Company LLC currently has a buy rating on the stock. Shutterstock traded as low as $19.52 and last traded at $19.86, with a volume of 446425 shares trading hands. The stock had previously closed at $20.18.

Other analysts have also recently issued research reports about the company. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. StockNews.com assumed coverage on Shutterstock in a research report on Friday. They set a “hold” rating for the company. Finally, Truist Financial lowered 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 assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $45.33.

Institutional Investors Weigh In On Shutterstock

Several large investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Shutterstock in the fourth quarter valued at $9,903,000. Hotchkis & Wiley Capital Management LLC bought a new position in shares of Shutterstock in the 3rd quarter valued at about $8,493,000. Dimensional Fund Advisors LP boosted its stake in shares of Shutterstock by 22.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,018,231 shares of the business services provider’s stock valued at $30,904,000 after purchasing an additional 189,015 shares during the last quarter. Invenomic Capital Management LP raised its position in shares of Shutterstock by 28.1% in the 4th quarter. Invenomic Capital Management LP now owns 601,490 shares of the business services provider’s stock valued at $18,255,000 after acquiring an additional 132,055 shares during the period. Finally, Millennium Management LLC raised its position in shares of Shutterstock by 77.6% in the 4th quarter. Millennium Management LLC now owns 299,412 shares of the business services provider’s stock valued at $9,087,000 after acquiring an additional 130,831 shares during the period. 82.79% of the stock is currently owned by institutional investors.

Shutterstock Stock Up 1.4 %

The firm has a market capitalization of $714.07 million, a price-to-earnings ratio of 20.06 and a beta of 1.12. The business’s 50-day moving average is $27.98 and its two-hundred day moving average is $30.84. 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 earnings results on Tuesday, February 25th. The business services provider reported $0.67 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.25). The company had revenue of $250.30 million for the quarter, compared to analyst estimates of $254.16 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business’s quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the business posted $0.72 earnings per share. On average, equities analysts anticipate that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, March 6th will be issued a $0.33 dividend. The ex-dividend date is Thursday, March 6th. This is an increase from Shutterstock’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.45%. Shutterstock’s dividend payout ratio (DPR) is 130.69%.

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.