Truist Financial Issues Pessimistic Forecast for Shutterstock (NYSE:SSTK) Stock Price

Shutterstock (NYSE:SSTK - Free Report) had its price target decreased by Truist Financial from $65.00 to $56.00 in a research note released on Wednesday, Benzinga reports. Truist Financial currently has a buy rating on the business services provider's stock.

Several other brokerages have also weighed in on SSTK. StockNews.com raised Shutterstock from a "hold" rating to a "buy" rating in a report on Tuesday, October 1st. Needham & Company LLC reiterated a "buy" rating and issued a $55.00 target price on shares of Shutterstock in a research note on Tuesday. Finally, Morgan Stanley lowered their price target on shares of Shutterstock from $58.00 to $50.00 and set an "equal weight" rating on the stock in a research report on Monday, October 21st.

Shutterstock Stock Performance

Shares of Shutterstock stock traded up $0.25 during mid-day trading on Wednesday, hitting $33.12. 1,121,451 shares of the stock were exchanged, compared to its average volume of 517,200. Shutterstock has a 12 month low of $28.95 and a 12 month high of $54.40. The company has a 50-day simple moving average of $33.09 and a 200 day simple moving average of $37.23. The company has a market capitalization of $1.17 billion, a P/E ratio of 25.22 and a beta of 1.09.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing analysts' consensus estimates of $1.01 by ($0.01). Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The business had revenue of $220.05 million for the quarter, compared to the consensus estimate of $213.44 million. During the same quarter last year, the business posted $0.76 earnings per share. The business's revenue was up 5.4% compared to the same quarter last year. Analysts predict that Shutterstock will post 2.99 EPS for the current year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.30 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.20 annualized dividend and a yield of 3.62%. Shutterstock's dividend payout ratio is currently 91.60%.

Hedge Funds Weigh In On Shutterstock

Hedge funds have recently bought and sold shares of the company. TD Asset Management Inc grew its position in shares of Shutterstock by 74.1% during the 1st quarter. TD Asset Management Inc now owns 1,578,386 shares of the business services provider's stock valued at $72,306,000 after purchasing an additional 671,995 shares in the last quarter. LSV Asset Management increased its stake in Shutterstock by 30.9% in the 1st quarter. LSV Asset Management now owns 1,793,785 shares of the business services provider's stock worth $82,173,000 after acquiring an additional 422,942 shares during the last quarter. Rubric Capital Management LP purchased a new stake in shares of Shutterstock in the 2nd quarter valued at about $14,769,000. Epoch Investment Partners Inc. raised its holdings in shares of Shutterstock by 68.8% in the 1st quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider's stock valued at $40,503,000 after acquiring an additional 360,415 shares in the last quarter. Finally, Rice Hall James & Associates LLC boosted its position in shares of 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 valued at $18,724,000 after acquiring an additional 153,154 shares during 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.