StockNews.com Initiates Coverage on Shutterstock (NYSE:SSTK)

StockNews.com began coverage on shares of Shutterstock (NYSE:SSTK) in a research report report published on Sunday. The brokerage issued a hold rating on the business services provider’s stock.

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

Shutterstock Stock Performance

Shares of SSTK opened at $19.18 on Friday. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. Shutterstock has a 52-week low of $18.63 and a 52-week high of $47.89. The company has a 50-day simple moving average of $25.57 and a 200-day simple moving average of $29.66. The company has a market capitalization of $669.27 million, a PE ratio of 18.80 and a beta of 1.12.

Shutterstock (NYSE:SSTK) last issued 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). The company had revenue of $250.30 million during the quarter, compared to analysts’ expectations of $254.16 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The company’s quarterly revenue was up 15.2% on a year-over-year basis. During the same period last year, the business posted $0.72 earnings per share. Equities research analysts predict that Shutterstock will post 3.12 earnings per share for the current fiscal year.

Shutterstock Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Thursday, March 6th were paid a dividend of $0.33 per share. The ex-dividend date was Thursday, March 6th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.88%. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30. Shutterstock’s dividend payout ratio (DPR) is presently 130.69%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SSTK. Wealth Enhancement Advisory Services LLC raised its position in shares of Shutterstock by 11.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,636 shares of the business services provider’s stock valued at $201,000 after buying an additional 682 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Shutterstock in the 4th quarter worth approximately $2,716,000. Mackenzie Financial Corp acquired a new position in Shutterstock in the 4th quarter valued at $552,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Shutterstock by 13.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,769 shares of the business services provider’s stock valued at $1,753,000 after acquiring an additional 7,023 shares during the last quarter. Finally, Vident Advisory LLC lifted its stake in shares of Shutterstock by 9.1% during the 4th quarter. Vident Advisory LLC now owns 15,857 shares of the business services provider’s stock worth $481,000 after purchasing an additional 1,321 shares during the period. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

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.