Shutterstock (NYSE:SSTK) Hits New 52-Week Low – Here’s What Happened

Shutterstock, Inc. (NYSE:SSTK) shares hit a new 52-week low on Monday . The stock traded as low as $19.13 and last traded at $19.50, with a volume of 327926 shares changing hands. The stock had previously closed at $19.41.

Analyst Ratings Changes

A number of research firms have commented on SSTK. Needham & Company LLC cut their target price on shares of Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, March 7th. Truist Financial cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. Finally, StockNews.com started coverage on shares of Shutterstock in a research note on Saturday. They set a “hold” rating on the stock. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $45.33.

Shutterstock Stock Performance

The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The business’s 50 day moving average is $26.62 and its two-hundred day moving average is $30.20. The company has a market cap of $674.57 million, a PE ratio of 18.95 and a beta of 1.12.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, February 25th. The business services provider reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.25). Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm had revenue of $250.30 million for the quarter, compared to analysts’ expectations of $254.16 million. During the same quarter last year, the firm posted $0.72 EPS. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. On average, equities research analysts anticipate that Shutterstock, Inc. will post 3.12 EPS for the current year.

Shutterstock Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be paid a dividend of $0.33 per share. This is a boost from Shutterstock’s previous quarterly dividend of $0.30. 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 6.83%. Shutterstock’s payout ratio is 130.69%.

Institutional Trading of Shutterstock

Hedge funds have recently bought and sold shares of the stock. Truvestments Capital LLC bought a new stake in shares of Shutterstock in the 3rd quarter worth about $31,000. Amundi increased its position in shares of Shutterstock by 26.2% during the fourth quarter. Amundi now owns 2,350 shares of the business services provider’s stock worth $71,000 after acquiring an additional 488 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Shutterstock by 167.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider’s stock valued at $76,000 after purchasing an additional 1,565 shares in the last quarter. R Squared Ltd bought a new position in shares of Shutterstock during the fourth quarter valued at approximately $108,000. Finally, Palouse Capital Management Inc. boosted its stake in shares of Shutterstock by 13.7% during the fourth quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock valued at $132,000 after purchasing an additional 525 shares in the last quarter. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Shutterstock Company Profile

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.