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

StockNews.com downgraded shares of Shutterstock (NYSE:SSTK) from a buy rating to a hold rating in a report published on Sunday morning.

A number of other research analysts have also recently issued reports on the stock. Needham & Company LLC reiterated a buy rating and set a $65.00 price objective on shares of Shutterstock in a report on Tuesday, August 6th. Morgan Stanley raised their price target on shares of Shutterstock from $55.00 to $58.00 and gave the company an equal weight rating in a research report on Tuesday, July 23rd.

Shutterstock Price Performance

SSTK stock opened at $35.03 on Friday. The company’s 50-day moving average is $36.83 and its 200-day moving average is $39.75. The stock has a market capitalization of $1.26 billion, a PE ratio of 13.58 and a beta of 1.09. Shutterstock has a 1 year low of $32.38 and a 1 year high of $54.40.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). The firm had revenue of $220.05 million during the quarter, compared to analyst estimates of $213.44 million. Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The company’s revenue was up 5.4% on a year-over-year basis. During the same period last year, the business posted $0.76 EPS. On average, analysts anticipate that Shutterstock will post 3.22 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th were paid a $0.30 dividend. The ex-dividend date was Thursday, August 29th. This represents a $1.20 annualized dividend and a yield of 3.43%. Shutterstock’s dividend payout ratio (DPR) is 46.51%.

Hedge Funds Weigh In On Shutterstock

Several institutional investors have recently modified their holdings of the business. Quantbot Technologies LP boosted its position in Shutterstock by 2,203.3% in the first quarter. Quantbot Technologies LP now owns 23,010 shares of the business services provider’s stock worth $1,054,000 after purchasing an additional 22,011 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Shutterstock by 469.3% in the 4th quarter. TD Asset Management Inc now owns 906,391 shares of the business services provider’s stock worth $43,761,000 after buying an additional 747,180 shares during the last quarter. Trigran Investments Inc. grew its position in Shutterstock by 15.5% during the fourth quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock valued at $58,647,000 after buying an additional 163,268 shares during the period. Epoch Investment Partners Inc. increased its holdings in Shutterstock by 68.8% during the first quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock worth $40,503,000 after buying an additional 360,415 shares during the last quarter. Finally, BOKF NA bought a new stake in Shutterstock in the first quarter worth about $139,000. 82.79% of the stock is owned by 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.