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

StockNews.com lowered shares of Shutterstock (NYSE:SSTK) from a buy rating to a hold rating in a report issued on Monday morning.

A number of other brokerages have also recently issued reports on SSTK. Morgan Stanley decreased their target price on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, October 21st. JMP Securities restated a “market perform” rating on shares of Shutterstock in a research report on Monday. Needham & Company LLC restated a “buy” rating and set a $55.00 price target on shares of Shutterstock in a report on Tuesday, October 29th. Finally, Truist Financial dropped their price objective on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $53.67.

Shutterstock Price Performance

Shares of NYSE:SSTK opened at $30.48 on Monday. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of 29.88 and a beta of 1.08. 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 has a 12 month low of $28.64 and a 12 month high of $54.40. The stock’s 50 day moving average price is $31.57 and its 200 day moving average price is $34.16.

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

Shutterstock Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.20 annualized dividend and a dividend yield of 3.94%. Shutterstock’s dividend payout ratio (DPR) is presently 117.65%.

Institutional Trading of Shutterstock

Large investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company raised its stake in Shutterstock by 2.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,575 shares of the business services provider’s stock valued at $487,000 after purchasing an additional 309 shares during the last quarter. Cascade Investment Advisors Inc. grew its position in Shutterstock by 1.2% during the third quarter. Cascade Investment Advisors Inc. now owns 27,430 shares of the business services provider’s stock worth $970,000 after buying an additional 315 shares in the last quarter. Covestor Ltd increased its stake in Shutterstock by 9.5% during the third quarter. Covestor Ltd now owns 4,577 shares of the business services provider’s stock valued at $162,000 after acquiring an additional 397 shares during the period. Palouse Capital Management Inc. raised its holdings in Shutterstock by 20.7% in the 2nd quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock valued at $150,000 after acquiring an additional 665 shares in the last quarter. Finally, Quest Partners LLC grew its holdings in shares of Shutterstock by 17.9% during the 2nd quarter. Quest Partners LLC now owns 5,406 shares of the business services provider’s stock worth $209,000 after purchasing an additional 822 shares in the last quarter. 82.79% of the stock is 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.