Shutterstock (NYSE:SSTK) Hits New 52-Week Low on Analyst Downgrade

Shutterstock, Inc. (NYSE:SSTK)’s stock price reached a new 52-week low on Monday after Needham & Company LLC lowered their price target on the stock from $55.00 to $45.00. Needham & Company LLC currently has a buy rating on the stock. Shutterstock traded as low as $28.34 and last traded at $28.45, with a volume of 407940 shares trading hands. The stock had previously closed at $30.58.

SSTK has been the topic of a number of other research reports. StockNews.com lowered Shutterstock from a “buy” rating to a “hold” rating in a research note on Monday, January 6th. Morgan Stanley decreased their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, October 21st. 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 note on Wednesday, October 30th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $50.33.

Hedge Funds Weigh In On Shutterstock

Several institutional investors and hedge funds have recently bought and sold shares of SSTK. FMR LLC lifted its holdings in Shutterstock by 397.5% in the 3rd quarter. FMR LLC now owns 39,193 shares of the business services provider’s stock worth $1,386,000 after buying an additional 31,315 shares in the last quarter. Geode Capital Management LLC increased its stake 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 during the last quarter. Barclays PLC raised its holdings in shares of Shutterstock by 238.6% during the third quarter. Barclays PLC now owns 50,565 shares of the business services provider’s stock worth $1,788,000 after purchasing an additional 35,632 shares during the period. Hotchkis & Wiley Capital Management LLC acquired a new stake in shares of Shutterstock during the third quarter worth $8,493,000. Finally, Rubric Capital Management LP bought a new position in shares of Shutterstock in the 2nd quarter worth about $14,769,000. Institutional investors and hedge funds own 82.79% of the company’s stock.

Shutterstock Price Performance

The firm has a market capitalization of $998.07 million, a price-to-earnings ratio of 28.07 and a beta of 1.08. The company’s fifty day moving average price is $31.38 and its 200 day moving average price is $33.94. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42.

Shutterstock (NYSE:SSTK) last posted its earnings results on Tuesday, October 29th. The business services provider reported $1.31 EPS 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 analyst estimates of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business’s revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.99 earnings per share. Equities research analysts expect that Shutterstock, Inc. will post 3.07 earnings per share for the current year.

Shutterstock Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date was Friday, November 29th. Shutterstock’s payout ratio is 117.65%.

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.