Shutterstock (NYSE:SSTK) Hits New 1-Year Low After Analyst Downgrade

Shutterstock, Inc. (NYSE:SSTK)’s stock price hit a new 52-week low during mid-day trading on Monday after Needham & Company LLC lowered their price target on the stock from $45.00 to $30.00. Needham & Company LLC currently has a buy rating on the stock. Shutterstock traded as low as $19.52 and last traded at $19.86, with a volume of 446425 shares changing hands. The stock had previously closed at $20.18.

A number of other brokerages also recently commented on SSTK. StockNews.com initiated coverage on shares of Shutterstock in a research report on Friday. They set a “hold” rating for the company. Truist Financial lowered Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, JMP Securities reiterated 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 assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $45.33.

Institutional Investors Weigh In On Shutterstock

Several institutional investors and hedge funds have recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Shutterstock in the fourth quarter valued at approximately $2,716,000. Mackenzie Financial Corp acquired a new position in Shutterstock during the 4th quarter valued at approximately $552,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Shutterstock by 13.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,769 shares of the business services provider’s stock worth $1,753,000 after buying an additional 7,023 shares during the last quarter. Vident Advisory LLC grew its stake in Shutterstock by 9.1% during the 4th quarter. Vident Advisory LLC now owns 15,857 shares of the business services provider’s stock worth $481,000 after buying an additional 1,321 shares during the last quarter. Finally, Squarepoint Ops LLC increased its position in Shutterstock by 83.9% in the fourth quarter. Squarepoint Ops LLC now owns 77,212 shares of the business services provider’s stock worth $2,343,000 after buying an additional 35,235 shares during the period. 82.79% of the stock is owned by institutional investors and hedge funds.

Shutterstock Stock Up 0.1 %

The firm has a market cap of $704.86 million, a price-to-earnings ratio of 19.81 and a beta of 1.12. The firm’s fifty day moving average is $28.18 and its two-hundred day moving average is $30.92. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, February 25th. The business services provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.25). Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm had revenue of $250.30 million for the quarter, compared to analyst estimates of $254.16 million. During the same period in the previous year, the firm earned $0.72 earnings per share. Shutterstock’s revenue was up 15.2% on a year-over-year basis. On average, sell-side analysts expect that Shutterstock, Inc. will post 3.12 EPS 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 given a $0.33 dividend. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.53%. Shutterstock’s dividend payout ratio (DPR) is 130.69%.

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.