Shutterstock (NYSE:SSTK) Hits New 12-Month Low – What’s Next?

Shutterstock, Inc. (NYSE:SSTK)’s share price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $18.61 and last traded at $18.83, with a volume of 86618 shares traded. The stock had previously closed at $19.22.

Wall Street Analyst Weigh In

SSTK has been the topic of several recent research reports. Needham & Company LLC reduced their target price on shares of Shutterstock from $45.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, March 7th. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. StockNews.com assumed coverage on Shutterstock in a research note on Sunday. They issued a “hold” rating for the company. Finally, Truist Financial cut Shutterstock from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Shutterstock has an average rating of “Hold” and a consensus target price of $45.33.

Shutterstock Stock Performance

The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The stock has a 50-day moving average price of $25.57 and a 200-day moving average price of $29.66. The firm has a market capitalization of $654.61 million, a PE ratio of 18.41 and a beta of 1.12.

Shutterstock (NYSE:SSTK) last announced its 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). Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business had revenue of $250.30 million during the quarter, compared to analyst estimates of $254.16 million. During the same period in the previous year, the company earned $0.72 earnings per share. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. On average, research analysts expect that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Shutterstock Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, March 6th were issued a dividend of $0.33 per share. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 7.04%. The ex-dividend date of this dividend was Thursday, March 6th. Shutterstock’s dividend payout ratio (DPR) is currently 130.69%.

Hedge Funds Weigh In On Shutterstock

Large investors have recently modified their holdings of the stock. Amundi raised its stake 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. Covestor Ltd raised its position in shares of Shutterstock by 11.3% during the 4th quarter. Covestor Ltd now owns 5,092 shares of the business services provider’s stock valued at $155,000 after acquiring an additional 515 shares in the last quarter. Palouse Capital Management Inc. lifted its stake in 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 purchasing an additional 525 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in Shutterstock by 1.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider’s stock worth $1,066,000 after purchasing an additional 532 shares during the period. Finally, Snowden Capital Advisors LLC increased its stake in Shutterstock by 5.4% during the fourth quarter. Snowden Capital Advisors LLC now owns 10,701 shares of the business services provider’s stock valued at $325,000 after purchasing an additional 548 shares during the last quarter. Institutional investors own 82.79% of the company’s stock.

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.