Shutterstock (NYSE:SSTK) Downgraded by StockNews.com to “Hold”

StockNews.com cut shares of Shutterstock (NYSE:SSTK) from a buy rating to a hold rating in a research report released on Wednesday.

SSTK has been the topic of several other research reports. Morgan Stanley cut their target price 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. Truist Financial cut their target price on Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $55.00 target price on shares of Shutterstock in a research note on Tuesday.

Shutterstock Price Performance

SSTK stock opened at $33.12 on Wednesday. The business has a 50-day moving average price of $33.09 and a 200 day moving average price of $37.23. The company has a market capitalization of $1.17 billion, a P/E ratio of 25.28 and a beta of 1.09. Shutterstock has a 1-year low of $28.95 and a 1-year high of $54.40.

Shutterstock (NYSE:SSTK) last posted its earnings results on Tuesday, August 6th. The business services provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.01). Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The company had revenue of $220.05 million during the quarter, compared to analysts’ expectations of $213.44 million. During the same quarter last year, the firm earned $0.76 EPS. Shutterstock’s revenue for the quarter was up 5.4% on a year-over-year basis. On average, analysts anticipate that Shutterstock will post 2.99 earnings per share for the current fiscal year.

Shutterstock Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.62%. Shutterstock’s payout ratio is 91.60%.

Institutional Investors Weigh In On Shutterstock

A number of large investors have recently modified their holdings of SSTK. Allspring Global Investments Holdings LLC grew its stake in shares of Shutterstock by 31,733.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after acquiring an additional 952 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new stake in Shutterstock in the second quarter valued at approximately $41,000. Truvestments Capital LLC purchased a new stake in Shutterstock in the first quarter valued at approximately $42,000. Quarry LP boosted its position in Shutterstock by 313.0% in the second quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock valued at $43,000 after buying an additional 842 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in Shutterstock by 69.6% in the second quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock valued at $79,000 after buying an additional 838 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.