Shutterstock (NYSE:SSTK) Cut to Hold at StockNews.com

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

Several other equities analysts also recently issued reports on SSTK. Morgan Stanley cut their price target 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. 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. Finally, Needham & Company LLC restated a “buy” rating and set a $55.00 price target on shares of Shutterstock in a research report on Tuesday, October 29th.

Shutterstock Stock Up 0.1 %

Shares of SSTK opened at $32.13 on Wednesday. Shutterstock has a 12 month low of $28.95 and a 12 month high of $54.40. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of 31.50 and a beta of 1.10. The company has a 50-day moving average price of $33.00 and a two-hundred day moving average price of $37.08. The company has a quick ratio of 0.56, a current ratio of 0.42 and a debt-to-equity ratio of 0.23.

Shutterstock (NYSE:SSTK) last announced its quarterly 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. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. 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 previous year, the firm earned $0.99 EPS. Shutterstock’s quarterly revenue was up 7.4% on a year-over-year basis. Equities analysts predict that Shutterstock will post 2.99 EPS for the current fiscal year.

Shutterstock Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.73%. 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. Allspring Global Investments Holdings LLC lifted its holdings in Shutterstock by 31,733.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after buying an additional 952 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in Shutterstock in the second quarter valued at about $41,000. Truvestments Capital LLC acquired a new stake in Shutterstock in the first quarter worth about $42,000. 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 raised its holdings in Shutterstock by 69.6% during the 2nd 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 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.