Shutterstock, Inc. (NYSE:SSTK) Sees Large Decrease in Short Interest

Shutterstock, Inc. (NYSE:SSTK) was the recipient of a significant decrease in short interest during the month of March. As of March 13th, there was short interest totaling 1,596,900 shares, a decrease of 37.5% from the February 26th total of 2,556,659 shares. Currently, 6.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 355,910 shares, the days-to-cover ratio is presently 4.5 days.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Shutterstock by 12.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,901 shares of the business services provider’s stock valued at $557,000 after acquiring an additional 3,263 shares during the last quarter. Millennium Management LLC raised its holdings in Shutterstock by 109.3% during the 1st quarter. Millennium Management LLC now owns 626,615 shares of the business services provider’s stock worth $11,674,000 after purchasing an additional 327,203 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Shutterstock by 1,364.8% during the 2nd quarter. PNC Financial Services Group Inc. now owns 6,709 shares of the business services provider’s stock valued at $127,000 after purchasing an additional 6,251 shares during the period. Geode Capital Management LLC lifted its position in Shutterstock by 2.8% during the 2nd quarter. Geode Capital Management LLC now owns 583,118 shares of the business services provider’s stock valued at $11,058,000 after purchasing an additional 15,695 shares during the period. Finally, Creative Planning lifted its position in Shutterstock by 382.6% during the 2nd quarter. Creative Planning now owns 49,312 shares of the business services provider’s stock valued at $935,000 after purchasing an additional 39,094 shares during the period. 82.79% of the stock is currently owned by institutional investors.

Shutterstock Price Performance

NYSE SSTK traded down $0.29 on Friday, hitting $16.14. 40,916 shares of the company were exchanged, compared to its average volume of 318,801. Shutterstock has a 1-year low of $14.35 and a 1-year high of $29.50. The firm has a 50 day moving average of $17.43 and a two-hundred day moving average of $19.76. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.20. The company has a market cap of $573.78 million, a P/E ratio of 12.52 and a beta of 1.23.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings data on Tuesday, February 17th. The business services provider reported $0.67 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.38). Shutterstock had a net margin of 4.60% and a return on equity of 16.13%. The company had revenue of $220.22 million during the quarter, compared to analyst estimates of $252.28 million. During the same quarter in the previous year, the business posted $0.67 EPS. The company’s revenue was down 12.0% compared to the same quarter last year. On average, equities analysts predict that Shutterstock will post 3.12 EPS for the current year.

Shutterstock Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Thursday, March 5th were given a $0.36 dividend. This is a boost from Shutterstock’s previous quarterly dividend of $0.33. The ex-dividend date was Thursday, March 5th. This represents a $1.44 annualized dividend and a yield of 8.9%. Shutterstock’s dividend payout ratio is presently 111.63%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on SSTK shares. Zacks Research upgraded shares of Shutterstock from a “strong sell” rating to a “hold” rating in a research note on Monday, January 26th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Shutterstock in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $25.00.

About Shutterstock

Shutterstock, Inc (NYSE:SSTK) operates a leading global creative platform that provides royalty-free stock content to businesses, marketing agencies and media outlets. Its primary offerings include high-resolution photographs, vector graphics, illustrations, video footage and music tracks, all available through subscription plans or on-demand licensing. The platform also features customizable design tools and collaborative workspaces that enable customers to create and manage visual content more efficiently.

Founded in 2003 by Jon Oringer, Shutterstock began as an online marketplace offering a modest selection of images and quickly scaled its library to hundreds of millions of assets.