Truist Financial Issues Pessimistic Forecast for Shutterstock (NYSE:SSTK) Stock Price

Shutterstock (NYSE:SSTK) had its price target reduced by Truist Financial from $65.00 to $56.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the business services provider’s stock.

Several other brokerages have also commented on SSTK. Morgan Stanley dropped their price target on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, October 21st. StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a research report on Tuesday, October 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 price target on shares of Shutterstock in a research report on Tuesday, October 29th.

Shutterstock Price Performance

Shares of NYSE:SSTK opened at $32.13 on Wednesday. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of 31.50 and a beta of 1.10. Shutterstock has a 1 year low of $28.95 and a 1 year high of $54.40. The company has a current ratio of 0.42, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The business has a fifty day simple moving average of $33.00 and a 200 day simple moving average of $37.08.

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

Shutterstock Announces Dividend

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

Hedge Funds Weigh In On Shutterstock

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quantbot Technologies LP increased its holdings in shares of Shutterstock by 2,203.3% during the 1st quarter. Quantbot Technologies LP now owns 23,010 shares of the business services provider’s stock worth $1,054,000 after purchasing an additional 22,011 shares during the period. TD Asset Management Inc grew its holdings in shares of 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 worth $72,306,000 after purchasing an additional 671,995 shares in the last quarter. Epoch Investment Partners Inc. increased its position in shares of Shutterstock by 68.8% during the first quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock valued at $40,503,000 after purchasing an additional 360,415 shares during the period. BOKF NA acquired a new position in shares of Shutterstock in the first quarter valued at $139,000. Finally, Rubric Capital Management LP bought a new position in Shutterstock in the second quarter worth $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.