Needham & Company LLC Cuts Shutterstock (NYSE:SSTK) Price Target to $30.00

Shutterstock (NYSE:SSTK) had its target price trimmed by Needham & Company LLC from $45.00 to $30.00 in a research report released on Friday, MarketBeat reports. The brokerage currently has a buy rating on the business services provider’s stock.

SSTK has been the topic of a number of other research reports. Truist Financial cut Shutterstock from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. StockNews.com assumed coverage on Shutterstock in a report on Friday. They issued a “hold” rating on the stock. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Shutterstock currently has an average rating of “Hold” and an average price target of $45.33.

Shutterstock Price Performance

Shares of NYSE SSTK opened at $20.16 on Friday. 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 has a one year low of $19.59 and a one year high of $54.40. The firm has a market capitalization of $703.60 million, a P/E ratio of 19.77 and a beta of 1.12. The company’s fifty day moving average is $28.18 and its two-hundred day moving average is $30.92.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data 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). Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The company had revenue of $250.30 million during the quarter, compared to analyst estimates of $254.16 million. During the same quarter last year, the business earned $0.72 EPS. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. Analysts forecast that Shutterstock will post 3.12 EPS for the current fiscal year.

Shutterstock Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be paid a $0.33 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.32 dividend on an annualized basis and a yield of 6.55%. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30. Shutterstock’s dividend payout ratio is presently 130.69%.

Hedge Funds Weigh In On Shutterstock

Several hedge funds have recently bought and sold shares of SSTK. Covestor Ltd lifted its position in shares of Shutterstock by 9.5% in the third quarter. Covestor Ltd now owns 4,577 shares of the business services provider’s stock valued at $162,000 after acquiring an additional 397 shares in the last quarter. Amundi lifted its holdings in Shutterstock by 26.2% in the 4th quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after purchasing an additional 488 shares in the last quarter. Palouse Capital Management Inc. boosted its stake in shares of Shutterstock by 13.7% during the 4th quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock worth $132,000 after purchasing an additional 525 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Shutterstock by 1.5% during the fourth quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider’s stock worth $1,066,000 after buying an additional 532 shares in the last quarter. Finally, Snowden Capital Advisors LLC raised its position in shares of Shutterstock by 5.4% in the fourth quarter. Snowden Capital Advisors LLC now owns 10,701 shares of the business services provider’s stock valued at $325,000 after buying an additional 548 shares during the last quarter. Hedge funds and other institutional investors own 82.79% of the company’s stock.

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.