Shutterstock (NYSE:SSTK) Price Target Cut to $45.00 by Analysts at Needham & Company LLC

Shutterstock (NYSE:SSTK) had its price objective reduced by Needham & Company LLC from $55.00 to $45.00 in a report issued on Monday morning,Benzinga reports. They currently have a buy rating on the business services provider’s stock.

SSTK has been the topic of a number of other reports. Truist Financial lowered their price objective 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. JMP Securities restated a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. Morgan Stanley reduced their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, October 21st. Finally, StockNews.com lowered Shutterstock from a “buy” rating to a “hold” rating in a research note on Monday, January 6th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Shutterstock has a consensus rating of “Hold” and a consensus target price of $50.33.

Shutterstock Trading Down 6.4 %

NYSE SSTK opened at $28.63 on Monday. Shutterstock has a 12 month low of $28.34 and a 12 month high of $54.40. 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 firm’s 50-day moving average is $31.38 and its two-hundred day moving average is $33.94. The stock has a market capitalization of $998.07 million, a P/E ratio of 28.07 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 for the quarter, topping the consensus estimate of $1.06 by $0.25. The company had revenue of $250.59 million for the quarter, compared to the consensus estimate of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. Shutterstock’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.99 EPS. On average, sell-side analysts anticipate that Shutterstock will post 3.07 earnings per share for the current year.

Shutterstock Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were issued a dividend of $0.30 per share. 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 payout ratio is 117.65%.

Hedge Funds Weigh In On Shutterstock

A number of institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. lifted its holdings in shares of Shutterstock by 1.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider’s stock worth $1,066,000 after acquiring an additional 532 shares during the last quarter. Range Financial Group LLC acquired a new position in shares of Shutterstock in the 4th quarter valued at $691,000. Franklin Resources Inc. raised its stake in Shutterstock by 6.2% during the 3rd quarter. Franklin Resources Inc. now owns 15,413 shares of the business services provider’s stock worth $545,000 after acquiring an additional 894 shares in the last quarter. Barclays PLC lifted its position in Shutterstock by 238.6% in the third quarter. Barclays PLC now owns 50,565 shares of the business services provider’s stock valued at $1,788,000 after acquiring an additional 35,632 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Shutterstock by 4.6% in the third 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. 82.79% of the stock is owned by hedge funds and other 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.