Shutterstock (NYSE:SSTK) Price Target Lowered to $30.00 at Needham & Company LLC

Shutterstock (NYSE:SSTK) had its price objective decreased by Needham & Company LLC from $45.00 to $30.00 in a research note issued to investors on Friday morning, MarketBeat.com reports. Needham & Company LLC currently has a buy rating on the business services provider’s stock.

A number of other research firms have also issued reports on SSTK. JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. StockNews.com assumed coverage on shares of Shutterstock in a research note on Friday. They issued a “hold” rating for the company. Finally, Truist Financial downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $45.33.

Shutterstock Trading Up 0.8 %

NYSE SSTK opened at $20.16 on Friday. Shutterstock has a one year low of $19.59 and a one year high of $54.40. The company’s 50 day moving average price is $28.18 and its 200 day moving average price is $30.98. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. The firm has a market capitalization of $703.60 million, a price-to-earnings ratio of 19.77 and a beta of 1.12.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results on Tuesday, February 25th. The business services provider reported $0.67 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.25). Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business had revenue of $250.30 million during the quarter, compared to analysts’ expectations of $254.16 million. During the same quarter in the previous year, the business posted $0.72 EPS. The company’s quarterly revenue was up 15.2% on a year-over-year basis. On average, sell-side analysts predict that Shutterstock will post 3.12 EPS for the current year.

Shutterstock Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, March 6th will be given a $0.33 dividend. The ex-dividend date is Thursday, March 6th. This is a boost from Shutterstock’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 6.55%. Shutterstock’s payout ratio is 130.69%.

Institutional Investors Weigh In On Shutterstock

Several hedge funds and other institutional investors have recently bought and sold shares of SSTK. Janney Montgomery Scott LLC raised its position in Shutterstock by 97.3% in the third quarter. Janney Montgomery Scott LLC now owns 26,536 shares of the business services provider’s stock worth $939,000 after acquiring an additional 13,088 shares in the last quarter. Verity Asset Management Inc. raised its position in Shutterstock by 140.4% in the third quarter. Verity Asset Management Inc. now owns 14,401 shares of the business services provider’s stock worth $509,000 after acquiring an additional 8,411 shares in the last quarter. Covestor Ltd raised its position in Shutterstock by 9.5% in the third quarter. Covestor Ltd now owns 4,577 shares of the business services provider’s stock worth $162,000 after acquiring an additional 397 shares in the last quarter. Quest Partners LLC raised its position in Shutterstock by 436.2% in the third quarter. Quest Partners LLC now owns 28,987 shares of the business services provider’s stock worth $1,025,000 after acquiring an additional 23,581 shares in the last quarter. Finally, Segall Bryant & Hamill LLC raised its holdings in Shutterstock by 2.0% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 47,437 shares of the business services provider’s stock worth $1,678,000 after buying an additional 951 shares during the period. 82.79% of the stock is currently 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.