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

StockNews.com cut shares of Shutterstock (NYSE:SSTK) from a buy rating to a hold rating in a report issued on Wednesday.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley reduced 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 target price on shares of Shutterstock in a research report on Tuesday. Finally, Truist Financial cut their target price on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday.

Shutterstock Price Performance

SSTK stock opened at $32.13 on Wednesday. The firm has a 50 day moving average price of $33.00 and a 200-day moving average price of $37.10. Shutterstock has a 52-week low of $28.95 and a 52-week high of $54.40. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 31.50 and a beta of 1.10. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.42.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.25. The company had revenue of $250.59 million during the quarter, compared to the consensus estimate of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.99 earnings per share. Equities research analysts forecast that Shutterstock will post 2.99 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.73%. The ex-dividend date is Friday, November 29th. Shutterstock’s dividend payout ratio is presently 117.65%.

Institutional Investors Weigh In On Shutterstock

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quantbot Technologies LP grew its holdings in Shutterstock by 2,203.3% during the 1st quarter. Quantbot Technologies LP now owns 23,010 shares of the business services provider’s stock valued at $1,054,000 after buying an additional 22,011 shares in the last quarter. TD Asset Management Inc grew its holdings in Shutterstock by 74.1% during the 1st quarter. TD Asset Management Inc now owns 1,578,386 shares of the business services provider’s stock valued at $72,306,000 after buying an additional 671,995 shares in the last quarter. Epoch Investment Partners Inc. grew its holdings in Shutterstock by 68.8% during the 1st quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock valued at $40,503,000 after buying an additional 360,415 shares in the last quarter. BOKF NA purchased a new stake in Shutterstock during the 1st quarter valued at approximately $139,000. Finally, Rubric Capital Management LP purchased a new stake in Shutterstock during the 2nd quarter valued at approximately $14,769,000. 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.