Shutterstock (NYSE:SSTK) Price Target Lowered to $45.00 at Needham & Company LLC

Shutterstock (NYSE:SSTK) had its price objective trimmed by Needham & Company LLC from $55.00 to $45.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the business services provider’s stock.

A number of other equities analysts have also weighed in on SSTK. JMP Securities reissued a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. Morgan Stanley dropped their price objective on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. StockNews.com downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a research note on Monday, January 6th. Finally, Truist Financial dropped their price target 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. Three investment 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 stock has a consensus rating of “Hold” and an average price target of $50.33.

Shutterstock Stock Performance

NYSE:SSTK opened at $31.40 on Monday. The company has a market cap of $1.09 billion, a P/E ratio of 30.78 and a beta of 1.08. Shutterstock has a twelve month low of $27.30 and a twelve month high of $54.40. The company’s 50-day moving average price is $31.25 and its 200-day moving average price is $33.86. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. The business had revenue of $250.59 million for the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business’s revenue was up 7.4% on a year-over-year basis. During the same period last year, the company posted $0.99 EPS. On average, sell-side analysts forecast that Shutterstock will post 3.07 earnings per share for the current fiscal 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 given a $0.30 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a yield of 3.82%. Shutterstock’s payout ratio is currently 117.65%.

Institutional Investors Weigh In On Shutterstock

Institutional investors have recently made changes to their positions in the stock. Epoch Investment Partners Inc. lifted its holdings in shares of Shutterstock by 22.8% in the 2nd quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock worth $42,010,000 after acquiring an additional 201,391 shares during the last quarter. State Street Corp lifted its stake in Shutterstock by 1.4% during the third quarter. State Street Corp now owns 966,694 shares of the business services provider’s stock worth $34,192,000 after purchasing an additional 13,039 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Shutterstock by 4.1% during the second quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider’s stock worth $33,648,000 after buying an additional 34,243 shares during the period. Geode Capital Management LLC boosted its position in shares of Shutterstock by 4.6% during the third quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock worth $20,275,000 after buying an additional 25,050 shares during the period. Finally, Rice Hall James & Associates LLC grew its stake in shares of Shutterstock by 40.7% in the third quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider’s stock valued at $18,724,000 after buying an additional 153,154 shares in the last quarter. 82.79% of the stock is currently 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.