Shutterstock (NYSE:SSTK) Downgraded to “Hold” Rating by StockNews.com

StockNews.com cut shares of Shutterstock (NYSE:SSTK) from a buy rating to a hold rating in a research report report published on Tuesday.

SSTK has been the subject of a number of other research reports. 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. Morgan Stanley dropped their price target on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $55.00 price objective on shares of Shutterstock in a research note on Tuesday, October 29th.

Shutterstock Stock Performance

Shares of NYSE:SSTK opened at $29.96 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The business’s fifty day moving average price is $31.54 and its two-hundred day moving average price is $35.02. Shutterstock has a fifty-two week low of $28.85 and a fifty-two week high of $54.40. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 29.37 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last posted its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.25. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business had revenue of $250.59 million for the quarter, compared to analyst estimates of $240.90 million. During the same quarter in the prior year, the firm earned $0.99 EPS. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. As a group, analysts predict that Shutterstock will post 3.07 EPS for the current fiscal year.

Shutterstock Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were given a dividend of $0.30 per share. The ex-dividend date was Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.01%. Shutterstock’s payout ratio is 117.65%.

Institutional Trading of Shutterstock

A number of hedge funds and other institutional investors have recently modified their holdings of SSTK. Truvestments Capital LLC bought a new position in Shutterstock in the 3rd quarter valued at $31,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Shutterstock by 31,733.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock valued at $37,000 after acquiring an additional 952 shares during the period. 1620 Investment Advisors Inc. bought a new position in Shutterstock in the second quarter valued at about $41,000. Quarry LP increased its position in Shutterstock by 313.0% in the second quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock worth $43,000 after purchasing an additional 842 shares during the period. Finally, Nisa Investment Advisors LLC increased its position in Shutterstock by 69.6% in the second quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock worth $79,000 after purchasing an additional 838 shares during the period. 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.