Shutterstock’s (SSTK) Market Perform Rating Reiterated at JMP Securities

JMP Securities reiterated their market perform rating on shares of Shutterstock (NYSE:SSTK) in a research note released on Monday,Benzinga reports.

Other equities analysts have also recently issued research reports about the stock. Truist Financial dropped their price target 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. StockNews.com upgraded shares of Shutterstock from a “hold” rating to a “buy” rating in a research note on Wednesday, December 25th. Morgan Stanley reduced their price target on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, October 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Shutterstock in a research report on Tuesday, October 29th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Shutterstock presently has an average rating of “Hold” and an average price target of $53.67.

Shutterstock Price Performance

Shares of SSTK opened at $30.48 on Monday. Shutterstock has a fifty-two week low of $28.64 and a fifty-two week high of $54.40. The firm’s 50-day simple moving average is $31.57 and its two-hundred day simple moving average is $34.16. The stock has a market cap of $1.06 billion, a PE ratio of 29.88 and a beta of 1.08. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.25. The company had revenue of $250.59 million for 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%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.99 EPS. Analysts anticipate that Shutterstock will post 3.07 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

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

Institutional Investors Weigh In On Shutterstock

Several institutional investors and hedge funds have recently added to or reduced their stakes in SSTK. The Manufacturers Life Insurance Company lifted its holdings in shares of 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 buying an additional 309 shares during the period. Cascade Investment Advisors Inc. boosted its position in Shutterstock by 1.2% in the third quarter. Cascade Investment Advisors Inc. now owns 27,430 shares of the business services provider’s stock worth $970,000 after purchasing an additional 315 shares during the last quarter. Covestor Ltd grew its stake in shares of Shutterstock by 9.5% during the 3rd quarter. Covestor Ltd now owns 4,577 shares of the business services provider’s stock valued at $162,000 after purchasing an additional 397 shares during the period. Palouse Capital Management Inc. increased its position in shares of Shutterstock by 20.7% during the 2nd quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock valued at $150,000 after purchasing an additional 665 shares during the last quarter. Finally, Quest Partners LLC increased its position 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 valued at $209,000 after purchasing an additional 822 shares during the last quarter. Hedge funds and other institutional investors own 82.79% of the company’s stock.

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.