Shutterstock (NYSE:SSTK) Now Covered by Analysts at StockNews.com

StockNews.com started coverage on shares of Shutterstock (NYSE:SSTK) in a research note issued to investors on Thursday morning. The firm issued a hold rating on the business services provider’s stock.

Several other brokerages have also recently commented on SSTK. Truist Financial cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Needham & Company LLC lowered their price objective on shares of Shutterstock from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Finally, JMP Securities restated a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $50.33.

Shutterstock Trading Down 2.3 %

Shares of SSTK stock opened at $21.47 on Thursday. The stock has a market cap of $748.47 million, a P/E ratio of 21.05 and a beta of 1.08. Shutterstock has a 1 year low of $21.37 and a 1 year high of $54.40. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The stock has a 50 day simple moving average of $29.16 and a 200 day simple moving average of $31.52.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, February 25th. The business services provider reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.25). The company had revenue of $250.30 million for the quarter, compared to the consensus estimate of $254.16 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business’s revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.72 earnings per share. On average, research analysts predict that Shutterstock will post 3.12 earnings per share for the current fiscal year.

Shutterstock Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, March 6th. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 6.15%. Shutterstock’s payout ratio is 130.69%.

Hedge Funds Weigh In On Shutterstock

A number of institutional investors have recently added to or reduced their stakes in the stock. Truvestments Capital LLC bought a new stake in shares of Shutterstock during the third quarter worth $31,000. Amundi boosted its holdings in shares of Shutterstock by 26.2% during the 4th quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after acquiring an additional 488 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Shutterstock by 167.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider’s stock worth $76,000 after acquiring an additional 1,565 shares during the last quarter. R Squared Ltd acquired a new position in Shutterstock in the 4th quarter worth about $108,000. Finally, Palouse Capital Management Inc. increased its holdings in Shutterstock by 13.7% in the 4th quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock worth $132,000 after purchasing an additional 525 shares in the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

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.