Shutterstock (NYSE:SSTK) Hits New 52-Week Low – Should You Sell?

Shutterstock, Inc. (NYSE:SSTK) shares reached a new 52-week low during trading on Wednesday . The company traded as low as $18.61 and last traded at $18.83, with a volume of 86618 shares. The stock had previously closed at $19.22.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Needham & Company LLC decreased their price objective on Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a report on Friday, March 7th. StockNews.com assumed coverage on shares of Shutterstock in a research report on Sunday. They set a “hold” rating on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. Finally, Truist Financial lowered Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $45.33.

Shutterstock Price Performance

The company’s fifty day simple moving average is $25.57 and its two-hundred day simple moving average is $29.66. The stock has a market capitalization of $654.61 million, a PE ratio of 18.41 and a beta of 1.12. 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, 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%. Shutterstock’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.72 EPS. As a group, sell-side analysts predict that Shutterstock, Inc. will post 3.12 EPS for the current year.

Shutterstock Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Thursday, March 6th were paid a $0.33 dividend. This is an increase from Shutterstock’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.32 annualized dividend and a yield of 7.04%. Shutterstock’s payout ratio is presently 130.69%.

Hedge Funds Weigh In On Shutterstock

Several institutional investors and hedge funds have recently bought and sold shares of SSTK. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Shutterstock during the 4th quarter valued at $9,903,000. Hotchkis & Wiley Capital Management LLC purchased a new stake in Shutterstock during the third quarter valued at about $8,493,000. Dimensional Fund Advisors LP increased its stake in Shutterstock by 22.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,018,231 shares of the business services provider’s stock worth $30,904,000 after acquiring an additional 189,015 shares during the last quarter. Invenomic Capital Management LP raised its holdings in shares of Shutterstock by 28.1% in the 4th quarter. Invenomic Capital Management LP now owns 601,490 shares of the business services provider’s stock worth $18,255,000 after purchasing an additional 132,055 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of Shutterstock by 77.6% in the 4th quarter. Millennium Management LLC now owns 299,412 shares of the business services provider’s stock valued at $9,087,000 after purchasing an additional 130,831 shares in the last quarter. Institutional investors and hedge funds 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.