Shutterstock (NYSE:SSTK) Shares Gap Down on Analyst Downgrade

Shutterstock, Inc. (NYSE:SSTK) gapped down prior to trading on Monday after Needham & Company LLC lowered their price target on the stock from $30.00 to $25.00. The stock had previously closed at $18.45, but opened at $18.08. Needham & Company LLC currently has a buy rating on the stock. Shutterstock shares last traded at $18.09, with a volume of 21,467 shares trading hands.

SSTK has been the subject of several other research reports. JMP Securities reissued a “market perform” rating on shares of Shutterstock in a research report on Monday, May 5th. Truist Financial lowered shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Wall Street Zen initiated coverage on shares of Shutterstock in a research report on Wednesday, May 21st. They issued a “buy” rating for the company. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $43.67.

Institutional Trading of Shutterstock

Several hedge funds have recently modified their holdings of SSTK. Janney Montgomery Scott LLC increased its holdings in shares of Shutterstock by 14.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 30,270 shares of the business services provider’s stock worth $919,000 after buying an additional 3,734 shares in the last quarter. Palouse Capital Management Inc. increased its holdings in shares of Shutterstock by 13.7% during the fourth quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock worth $132,000 after buying an additional 525 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Shutterstock by 3.6% during the fourth quarter. Principal Financial Group Inc. now owns 149,039 shares of the business services provider’s stock worth $4,523,000 after buying an additional 5,204 shares in the last quarter. Rice Hall James & Associates LLC increased its holdings in shares of Shutterstock by 3.4% in the fourth quarter. Rice Hall James & Associates LLC now owns 547,520 shares of the business services provider’s stock valued at $16,617,000 after purchasing an additional 18,133 shares in the last quarter. Finally, Hussman Strategic Advisors Inc. increased its holdings in shares of Shutterstock by 50.0% in the fourth quarter. Hussman Strategic Advisors Inc. now owns 63,000 shares of the business services provider’s stock valued at $1,912,000 after purchasing an additional 21,000 shares in the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

Shutterstock Trading Down 2.3%

The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. The firm has a market cap of $635.28 million, a price-to-earnings ratio of 17.67 and a beta of 1.10. The business’s fifty day moving average is $17.20 and its two-hundred day moving average is $24.22.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Friday, May 2nd. The business services provider reported $1.03 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.23). The company had revenue of $242.62 million during the quarter, compared to analyst estimates of $249.44 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.13 EPS. Equities analysts anticipate that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Thursday, June 5th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $1.32 dividend on an annualized basis and a yield of 7.33%. Shutterstock’s payout ratio is presently 121.10%.

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.