Shutterstock (NYSE:SSTK) Trading 3.8% Higher - Here's What Happened

Shares of Shutterstock, Inc. (NYSE:SSTK - Get Free Report) shot up 3.8% during trading on Monday . The company traded as high as $18.47 and last traded at $18.47. 394,634 shares were traded during mid-day trading, a decline of 25% from the average session volume of 527,751 shares. The stock had previously closed at $17.79.

Analysts Set New Price Targets

Several brokerages recently issued reports on SSTK. StockNews.com initiated coverage on shares of Shutterstock in a report on Monday. They set a "hold" rating on the stock. 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, Needham & Company LLC reduced their price objective on Shutterstock from $45.00 to $30.00 and set a "buy" rating on the stock in a research report on Friday, March 7th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $45.33.

Shutterstock Stock Performance

The company's 50-day simple moving average is $23.78 and its 200-day simple moving average is $28.97. The stock has a market capitalization of $547.31 million, a price-to-earnings ratio of 15.38 and a beta of 1.12. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23.

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Shutterstock (NYSE:SSTK - Get Free Report) last announced its earnings results on Tuesday, February 25th. The business services provider reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.25). Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The company had revenue of $250.30 million for the quarter, compared to the consensus estimate of $254.16 million. During the same period in the prior year, the business earned $0.72 earnings per share. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. On average, analysts expect that Shutterstock, Inc. will post 3.12 EPS for the current year.

Shutterstock Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Thursday, March 6th were issued a $0.33 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This is a boost from Shutterstock's previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 8.42%. Shutterstock's dividend payout ratio is presently 130.69%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SSTK. Amundi raised its stake in 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 buying an additional 488 shares during the last quarter. Covestor Ltd raised its position in shares of Shutterstock by 11.3% in the 4th quarter. Covestor Ltd now owns 5,092 shares of the business services provider's stock worth $155,000 after acquiring an additional 515 shares in the last quarter. Palouse Capital Management Inc. lifted its stake in shares of Shutterstock by 13.7% in the 4th 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 during the period. Harbor Capital Advisors Inc. boosted its position in shares of Shutterstock by 1.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider's stock valued at $1,066,000 after purchasing an additional 532 shares in the last quarter. Finally, Snowden Capital Advisors LLC boosted its position in shares of Shutterstock by 5.4% during the 4th quarter. Snowden Capital Advisors LLC now owns 10,701 shares of the business services provider's stock valued at $325,000 after purchasing an additional 548 shares in the last quarter. 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.