StockNews.com Begins Coverage on Shutterstock (NYSE:SSTK)

StockNews.com started coverage on shares of Shutterstock (NYSE:SSTK - Free Report) in a research note released on Saturday morning. The firm issued a hold rating on the business services provider's stock.

Other research analysts have also recently issued research reports about the stock. JMP Securities restated a "market perform" rating on shares of Shutterstock in a research note on Monday, January 6th. Needham & Company LLC dropped their price objective 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 dropped their price objective on shares of Shutterstock from $65.00 to $56.00 and set a "buy" rating for the company in a report on Wednesday, October 30th. Finally, 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. Three equities 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, the stock currently has an average rating of "Hold" and an average target price of $50.33.

Shutterstock Stock Performance

Shares of NYSE SSTK traded down $0.37 during mid-day trading on Friday, hitting $30.89. The company had a trading volume of 565,901 shares, compared to its average volume of 742,255. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The business's 50-day simple moving average is $31.15 and its 200-day simple moving average is $33.79. Shutterstock has a 12 month low of $27.30 and a 12 month high of $54.40. The firm has a market cap of $1.08 billion, a P/E ratio of 30.28 and a beta of 1.08.

Shutterstock (NYSE:SSTK - Get Free Report) last released its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.25. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business had revenue of $250.59 million during the quarter, compared to analysts' expectations of $240.90 million. During the same quarter last year, the company earned $0.99 earnings per share. The firm's revenue was up 7.4% on a year-over-year basis. As a group, analysts predict that Shutterstock will post 3.07 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date was Friday, November 29th. Shutterstock's dividend payout ratio is currently 117.65%.

Institutional Trading of Shutterstock

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rubric Capital Management LP acquired a new stake in Shutterstock during the 2nd quarter worth $14,769,000. Hotchkis & Wiley Capital Management LLC acquired a new stake in Shutterstock during the 3rd quarter worth $8,493,000. Epoch Investment Partners Inc. grew its holdings in Shutterstock by 22.8% during 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 period. Rice Hall James & Associates LLC grew its holdings 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 during the period. Finally, Allspring Global Investments Holdings LLC grew its holdings 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 during the period. Institutional investors and hedge funds 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.