Shutterstock (NYSE:SSTK) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of Shutterstock (NYSE:SSTK) from a buy rating to a hold rating in a research note issued to investors on Monday morning.

Several other brokerages have also issued reports on SSTK. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price target on shares of Shutterstock in a research note on Tuesday, October 29th. JMP Securities restated a “market perform” rating on shares of Shutterstock in a research report on Monday. Morgan Stanley lowered their price target on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, October 21st. Finally, Truist Financial cut their price objective on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Shutterstock has a consensus rating of “Hold” and an average target price of $53.67.

Shutterstock Stock Performance

Shutterstock stock opened at $30.48 on Monday. The stock has a 50-day simple moving average of $31.57 and a 200 day simple moving average of $34.16. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of 29.88 and a beta of 1.08. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. Shutterstock has a 12-month low of $28.64 and a 12-month high of $54.40.

Shutterstock (NYSE:SSTK) last announced its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The company had revenue of $250.59 million during the quarter, compared to the consensus estimate of $240.90 million. During the same period in the previous year, the firm posted $0.99 earnings per share. The company’s revenue was up 7.4% on a year-over-year basis. On average, research analysts anticipate that Shutterstock will post 3.07 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.20 annualized dividend and a dividend yield of 3.94%. Shutterstock’s payout ratio is currently 117.65%.

Institutional Trading of Shutterstock

A number of hedge funds have recently modified their holdings of SSTK. Range Financial Group LLC bought a new stake in Shutterstock in the fourth quarter valued at approximately $691,000. Franklin Resources Inc. grew its holdings in shares of Shutterstock by 6.2% in the 3rd quarter. Franklin Resources Inc. now owns 15,413 shares of the business services provider’s stock valued at $545,000 after buying an additional 894 shares during the period. Barclays PLC increased its position in shares of Shutterstock by 238.6% in the 3rd quarter. Barclays PLC now owns 50,565 shares of the business services provider’s stock valued at $1,788,000 after buying an additional 35,632 shares in the last quarter. Geode Capital Management LLC raised its stake in Shutterstock by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock worth $20,275,000 after buying an additional 25,050 shares during the period. Finally, XTX Topco Ltd lifted its holdings in Shutterstock by 97.3% during the third quarter. XTX Topco Ltd now owns 16,524 shares of the business services provider’s stock worth $584,000 after acquiring an additional 8,151 shares in the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

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.