Shutterstock (NYSE:SSTK) Sets New 12-Month Low Following Analyst Downgrade

Shutterstock, Inc. (NYSE:SSTK)’s share price 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 research firms have also recently weighed in on SSTK. JMP Securities reissued a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. Truist Financial reduced 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. StockNews.com lowered Shutterstock from a “buy” rating to a “hold” rating in a report on Monday, January 6th. Finally, Morgan Stanley reduced their target price on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Shutterstock presently has an average rating of “Hold” and a consensus price target of $50.33.

Hedge Funds Weigh In On Shutterstock

Several institutional investors have recently added to or reduced their stakes in the stock. Truvestments Capital LLC purchased a new position in Shutterstock during the third quarter worth about $31,000. Quarry LP raised its stake in shares of Shutterstock by 313.0% during the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock worth $43,000 after buying an additional 842 shares in the last quarter. Headlands Technologies LLC lifted its holdings in shares of Shutterstock by 1,339.2% in the 2nd quarter. Headlands Technologies LLC now owns 3,339 shares of the business services provider’s stock valued at $129,000 after buying an additional 3,107 shares during the period. Palouse Capital Management Inc. boosted its stake in shares of Shutterstock by 20.7% in the second quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock valued at $150,000 after buying an additional 665 shares in the last quarter. Finally, Covestor Ltd grew its holdings in Shutterstock by 9.5% during the third quarter. Covestor Ltd now owns 4,577 shares of the business services provider’s stock worth $162,000 after acquiring an additional 397 shares during the period. Institutional investors and hedge funds own 82.79% of the company’s stock.

Shutterstock Price Performance

The stock has a market cap of $998.07 million, a PE ratio of 28.07 and a beta of 1.08. The company has a 50-day simple moving average of $31.38 and a 200-day simple moving average of $33.94. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, beating the consensus estimate of $1.06 by $0.25. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm had revenue of $250.59 million during the quarter, compared to analysts’ expectations of $240.90 million. During the same quarter last year, the business earned $0.99 earnings per share. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. Sell-side analysts anticipate that Shutterstock, Inc. 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. Investors of record on Friday, November 29th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date was Friday, November 29th. Shutterstock’s dividend payout ratio is currently 117.65%.

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.