Shutterstock (NYSE:SSTK) Sets New 1-Year Low – Time to Sell?

Shutterstock, Inc. (NYSE:SSTK) reached a new 52-week low on Tuesday . The stock traded as low as $27.08 and last traded at $27.52, with a volume of 157426 shares traded. The stock had previously closed at $28.70.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SSTK shares. JMP Securities reissued a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. Needham & Company LLC lowered their target price on shares of Shutterstock from $55.00 to $45.00 and set a “buy” rating for the company in a report on Monday, January 13th. Truist Financial cut their price target on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Finally, StockNews.com assumed coverage on Shutterstock in a report on Wednesday. They set a “hold” rating for the company. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Shutterstock has a consensus rating of “Hold” and a consensus price target of $50.33.

Shutterstock Trading Down 2.3 %

The business’s 50-day simple moving average is $30.10 and its two-hundred day simple moving average is $32.09. The stock has a market capitalization of $917.86 million, a price-to-earnings ratio of 25.81 and a beta of 1.08. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42.

Shutterstock Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, March 6th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 5.01%. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30. Shutterstock’s dividend payout ratio (DPR) is 117.65%.

Hedge Funds Weigh In On Shutterstock

Several hedge funds and other institutional investors have recently bought and sold shares of SSTK. Allspring Global Investments Holdings LLC lifted its position in Shutterstock by 11,862.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 114,241 shares of the business services provider’s stock worth $4,041,000 after acquiring an additional 113,286 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Shutterstock during the 3rd quarter worth approximately $2,018,000. Rice Hall James & Associates LLC lifted its position in Shutterstock by 40.7% during the 3rd quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider’s stock worth $18,724,000 after acquiring an additional 153,154 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in Shutterstock by 97.3% during the 3rd quarter. Janney Montgomery Scott LLC now owns 26,536 shares of the business services provider’s stock worth $939,000 after acquiring an additional 13,088 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in Shutterstock by 110.7% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 34,588 shares of the business services provider’s stock worth $1,223,000 after acquiring an additional 18,174 shares in the last quarter. 82.79% of the stock is owned by institutional investors and hedge funds.

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.