Shutterstock (NYSE:SSTK) Sets New 12-Month Low – Here’s What Happened

Shutterstock, Inc. (NYSE:SSTK)’s share price hit a new 52-week low during trading on Tuesday . The company traded as low as $28.85 and last traded at $28.85, with a volume of 6980 shares traded. The stock had previously closed at $29.51.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SSTK. Needham & Company LLC restated a “buy” rating and issued a $55.00 price objective on shares of Shutterstock in a research note on Tuesday, October 29th. Morgan Stanley lowered their price objective on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, October 21st. Truist Financial reduced 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, October 30th. Finally, StockNews.com downgraded Shutterstock from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th.

Shutterstock Stock Up 3.1 %

The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The firm has a market cap of $1.06 billion, a P/E ratio of 29.86 and a beta of 1.10. The stock’s fifty day moving average is $32.37 and its two-hundred day moving average is $36.22.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The company had revenue of $250.59 million for the quarter, compared to the consensus estimate of $240.90 million. During the same quarter last year, the business posted $0.99 earnings per share. The firm’s revenue was up 7.4% compared to the same quarter last year. As a group, research analysts anticipate that Shutterstock, Inc. will post 3.07 earnings per share for the current 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 given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.94%. Shutterstock’s dividend payout ratio (DPR) is presently 117.65%.

Institutional Investors Weigh In On Shutterstock

Hedge funds have recently bought and sold shares of the stock. Barclays PLC increased its holdings 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 worth $1,788,000 after buying an additional 35,632 shares during the last quarter. Geode Capital Management LLC raised its position in Shutterstock by 4.6% during the third quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock valued at $20,275,000 after purchasing an additional 25,050 shares in the last quarter. XTX Topco Ltd lifted its stake in Shutterstock by 97.3% during the third quarter. XTX Topco Ltd now owns 16,524 shares of the business services provider’s stock worth $584,000 after purchasing an additional 8,151 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of 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 worth $338,000 after purchasing an additional 4,061 shares in the last quarter. Finally, Weiss Asset Management LP bought a new position in shares of Shutterstock during the 3rd quarter valued at about $833,000. 82.79% of the stock is currently 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.