Shutterstock (NYSE:SSTK) Shares Down 4% – Here’s Why

Shutterstock, Inc. (NYSE:SSTK)’s share price fell 4% on Monday . The stock traded as low as $30.17 and last traded at $30.21. 99,404 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 658,323 shares. The stock had previously closed at $31.47.

Analyst Ratings Changes

SSTK has been the subject of several recent analyst reports. Truist Financial cut their target price on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Morgan Stanley decreased their target price on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. JMP Securities restated a “market perform” rating on shares of Shutterstock in a research note on Monday. Needham & Company LLC restated a “buy” rating and issued a $55.00 price objective on shares of Shutterstock in a research note on Tuesday, October 29th. Finally, StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a research report on Wednesday, December 25th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Shutterstock has an average rating of “Moderate Buy” and a consensus target price of $53.67.

Shutterstock Price Performance

The company has a market cap of $1.06 billion, a PE ratio of 29.92 and a beta of 1.08. The stock has a fifty day simple moving average of $31.53 and a two-hundred day simple moving average of $34.29. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.25. The firm had revenue of $250.59 million during 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%. Shutterstock’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period last year, the business posted $0.99 EPS. On average, equities analysts predict that Shutterstock, Inc. will post 3.07 EPS for the current fiscal year.

Shutterstock Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were issued 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 yield of 3.93%. Shutterstock’s dividend payout ratio (DPR) is currently 117.65%.

Institutional Investors Weigh In On Shutterstock

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its stake in shares of Shutterstock by 31,733.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock valued at $37,000 after buying an additional 952 shares during the period. Los Angeles Capital Management LLC lifted its position in Shutterstock by 167.0% during the second quarter. Los Angeles Capital Management LLC now owns 33,598 shares of the business services provider’s stock worth $1,300,000 after buying an additional 21,014 shares during the period. Quest Partners LLC boosted its stake in Shutterstock by 17.9% in the 2nd quarter. Quest Partners LLC now owns 5,406 shares of the business services provider’s stock worth $209,000 after buying an additional 822 shares during the last quarter. Headlands Technologies LLC grew its holdings in Shutterstock by 1,339.2% in the 2nd quarter. Headlands Technologies LLC now owns 3,339 shares of the business services provider’s stock valued at $129,000 after buying an additional 3,107 shares during the period. Finally, Rice Hall James & Associates LLC increased its stake in shares of Shutterstock by 10.5% during the 2nd quarter. Rice Hall James & Associates LLC now owns 376,233 shares of the business services provider’s stock valued at $14,560,000 after acquiring an additional 35,657 shares during the last quarter. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Shutterstock Company Profile

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.