Shutterstock (NYSE:SSTK) Hits New 12-Month Low Following Analyst Downgrade

Shutterstock, Inc. (NYSE:SSTK - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Monday after Needham & Company LLC lowered their price target on the stock from $55.00 to $45.00. Needham & Company LLC currently has a buy rating on the stock. Shutterstock traded as low as $28.34 and last traded at $28.45, with a volume of 407940 shares trading hands. The stock had previously closed at $30.58.

Other analysts also recently issued reports about the company. Truist Financial decreased their price objective on Shutterstock from $65.00 to $56.00 and set a "buy" rating for the company in a report on Wednesday, October 30th. StockNews.com cut Shutterstock from a "buy" rating to a "hold" rating in a research note on Monday, January 6th. Morgan Stanley cut their price objective on Shutterstock from $58.00 to $50.00 and set an "equal weight" rating on the stock in a research note on Monday, October 21st. Finally, JMP Securities reissued a "market perform" rating on shares of Shutterstock in a research report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $50.33.

Hedge Funds Weigh In On Shutterstock

Institutional investors and hedge funds have recently modified their holdings of the business. Truvestments Capital LLC acquired a new position in shares of Shutterstock during the 3rd quarter valued at $31,000. Quarry LP boosted its position in shares of Shutterstock by 313.0% during the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider's stock worth $43,000 after purchasing an additional 842 shares in the last quarter. Headlands Technologies LLC grew its stake in shares of Shutterstock by 1,339.2% in the 2nd quarter. Headlands Technologies LLC now owns 3,339 shares of the business services provider's stock valued at $129,000 after buying an additional 3,107 shares during the period. Palouse Capital Management Inc. increased its position in Shutterstock by 20.7% in the 2nd quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider's stock valued at $150,000 after buying an additional 665 shares in the last quarter. Finally, Covestor Ltd raised its stake in Shutterstock by 9.5% during the 3rd quarter. Covestor Ltd now owns 4,577 shares of the business services provider's stock worth $162,000 after buying an additional 397 shares during the period. 82.79% of the stock is currently owned by institutional investors.

Shutterstock Trading Down 6.4 %

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 firm has a fifty day simple moving average of $31.38 and a 200-day simple moving average of $33.94. The firm has a market cap of $998.07 million, a P/E ratio of 28.07 and a beta of 1.08.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.06 by $0.25. The company had revenue of $250.59 million for the quarter, compared to analysts' expectations of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. Shutterstock's quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the business earned $0.99 EPS. On average, equities research analysts expect that Shutterstock, Inc. will post 3.07 earnings per share for the current year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.20 annualized dividend and a dividend yield of 4.19%. Shutterstock's payout ratio is 117.65%.

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.