Shutterstock (NYSE:SSTK) Hits New 1-Year Low After 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 $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. The stock had previously closed at $20.18.

Several other analysts have also recently commented on SSTK. Truist Financial cut shares of Shutterstock from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. StockNews.com started coverage on Shutterstock in a report on Friday. They set a “hold” rating for the company. Finally, JMP Securities reissued a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $45.33.

Institutional Trading of Shutterstock

Large investors have recently added to or reduced their stakes in the business. Truvestments Capital LLC acquired a new stake in shares of Shutterstock in the 3rd quarter valued at $31,000. Amundi raised its holdings in Shutterstock by 26.2% during the fourth quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after buying an additional 488 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Shutterstock by 167.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider’s stock worth $76,000 after buying an additional 1,565 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Shutterstock in the fourth quarter worth about $108,000. Finally, 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 acquiring an additional 525 shares in the last quarter. 82.79% of the stock is owned by institutional investors.

Shutterstock Stock Performance

The stock has a fifty day moving average price of $28.18 and a 200 day moving average price of $30.92. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The firm has a market cap of $704.86 million, a price-to-earnings ratio of 19.81 and a beta of 1.12.

Shutterstock (NYSE:SSTK) last released its quarterly earnings results on Tuesday, February 25th. The business services provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.25). The firm had revenue of $250.30 million for the quarter, compared to the consensus estimate of $254.16 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm’s revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the company earned $0.72 earnings per share. As a group, analysts predict that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, March 6th will be paid a $0.33 dividend. This is an increase from Shutterstock’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, March 6th. This represents a $1.32 annualized dividend and a dividend yield of 6.53%. Shutterstock’s dividend payout ratio (DPR) is presently 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.