Shutterstock (NYSE:SSTK) Lowered to Hold Rating by StockNews.com

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

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

Shutterstock Price Performance

NYSE SSTK opened at $30.06 on Monday. The company has a 50-day moving average price of $31.54 and a two-hundred day moving average price of $34.19. Shutterstock has a 52 week low of $28.64 and a 52 week high of $54.40. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 29.47 and a beta of 1.08. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.25. The company had revenue of $250.59 million for the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the company earned $0.99 earnings per share. Analysts forecast that Shutterstock will post 3.07 EPS for the current year.

Shutterstock Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend was Friday, November 29th. Shutterstock’s dividend payout ratio (DPR) is currently 117.65%.

Institutional Trading of Shutterstock

A number of hedge funds have recently modified their holdings of the company. Franklin Resources Inc. increased its stake in Shutterstock by 6.2% in the third quarter. Franklin Resources Inc. now owns 15,413 shares of the business services provider’s stock valued at $545,000 after acquiring an additional 894 shares during the period. Barclays PLC grew its stake 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 purchasing an additional 35,632 shares during the period. Geode Capital Management LLC raised its holdings in shares of Shutterstock by 4.6% in 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 in the last quarter. XTX Topco Ltd lifted its position in shares of Shutterstock by 97.3% during the 3rd quarter. XTX Topco Ltd now owns 16,524 shares of the business services provider’s stock worth $584,000 after buying an additional 8,151 shares during the period. Finally, National Bank of Canada FI boosted its stake in Shutterstock by 74.0% in the 3rd quarter. National Bank of Canada FI now owns 9,549 shares of the business services provider’s stock valued at $338,000 after buying an additional 4,061 shares in the last quarter. 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.