Shutterstock (NYSE:SSTK) Cut to “Hold” at StockNews.com

StockNews.com cut shares of Shutterstock (NYSE:SSTK) from a buy rating to a hold rating in a research note published on Tuesday.

SSTK has been the subject of several other research reports. Morgan Stanley reduced their price objective on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, October 21st. Needham & Company LLC restated a “buy” rating and set a $55.00 target price on shares of Shutterstock in a report on Tuesday, October 29th. Finally, Truist Financial decreased their price target on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th.

Shutterstock Stock Performance

Shares of SSTK stock opened at $29.96 on Tuesday. Shutterstock has a fifty-two week low of $28.85 and a fifty-two week high of $54.40. The stock’s 50-day moving average is $31.54 and its two-hundred day moving average is $35.02. 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 market cap of $1.04 billion, a P/E ratio of 29.37 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. The firm had revenue of $250.59 million for the quarter, compared to the consensus estimate of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.99 earnings per share. Analysts predict that Shutterstock will post 3.07 earnings per share for the current fiscal year.

Shutterstock Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a $0.30 dividend. The ex-dividend date was Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a yield of 4.01%. Shutterstock’s payout ratio is presently 117.65%.

Hedge Funds Weigh In On Shutterstock

A number of institutional investors have recently made changes to their positions in SSTK. Truvestments Capital LLC bought a new stake in Shutterstock during the 3rd quarter valued at approximately $31,000. Allspring Global Investments Holdings LLC boosted its position in shares of Shutterstock by 31,733.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock valued at $37,000 after acquiring an additional 952 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in shares of Shutterstock in the second quarter worth $41,000. Quarry LP grew its stake in shares of Shutterstock by 313.0% in the second quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock worth $43,000 after acquiring an additional 842 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in Shutterstock by 69.6% during the second quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock worth $79,000 after acquiring an additional 838 shares during the period. 82.79% of the stock is currently owned by institutional investors.

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.