Shutterstock (NYSE:SSTK) Coverage Initiated at StockNews.com

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

Several other equities research analysts also recently weighed in on SSTK. Truist Financial cut their price target on Shutterstock from $65.00 to $56.00 and set a "buy" rating on the stock in a research report on Wednesday, October 30th. JMP Securities reissued a "market perform" rating on shares of Shutterstock in a report on Monday, January 6th. Needham & Company LLC decreased their price target on Shutterstock from $55.00 to $45.00 and set a "buy" rating for the company in a report on Monday, January 13th. Finally, Morgan Stanley decreased their price target on Shutterstock from $58.00 to $50.00 and set an "equal weight" rating for the company in a report on Monday, October 21st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $50.33.

Shutterstock Stock Performance

NYSE SSTK traded down $0.75 on Tuesday, hitting $28.71. 210,448 shares of the company's stock traded hands, compared to its average volume of 786,194. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. Shutterstock has a 1-year low of $27.30 and a 1-year high of $54.40. The firm's 50-day moving average price is $30.50 and its two-hundred day moving average price is $32.49. The firm has a market capitalization of $1.00 billion, a PE ratio of 28.15 and a beta of 1.08.

Shutterstock Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, March 6th will be given a $0.33 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This is a boost from Shutterstock's previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.60%. Shutterstock's payout ratio is 117.65%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Truvestments Capital LLC purchased a new stake in Shutterstock in the 3rd quarter worth $31,000. Amundi grew its position in shares of Shutterstock by 26.2% in the fourth quarter. Amundi now owns 2,350 shares of the business services provider's stock valued at $71,000 after purchasing an additional 488 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Shutterstock by 167.6% in 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 during the period. R Squared Ltd acquired a new stake in shares of Shutterstock in the fourth quarter valued at about $108,000. Finally, Palouse Capital Management Inc. grew its position in shares of Shutterstock by 13.7% in 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 during the period. 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.