StockNews.com Initiates Coverage on Shutterstock (NYSE:SSTK)

StockNews.com started coverage on shares of Shutterstock (NYSE:SSTK) in a report published on Friday morning. The brokerage issued a hold rating on the business services provider’s stock.

A number of other analysts have also weighed in on the stock. Needham & Company LLC decreased their target price on shares of Shutterstock from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, January 13th. JMP Securities reissued a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. Finally, Truist Financial lowered 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $45.33.

Shutterstock Stock Performance

Shutterstock stock opened at $20.16 on Friday. The firm’s 50 day simple moving average is $28.18 and its 200 day simple moving average is $30.98. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $703.60 million, a PE ratio of 19.77 and a beta of 1.12. Shutterstock has a 1-year low of $19.59 and a 1-year high of $54.40.

Shutterstock (NYSE:SSTK) last posted its earnings results on Tuesday, February 25th. The business services provider reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.25). The firm had revenue of $250.30 million for the quarter, compared to the consensus estimate of $254.16 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business’s revenue was up 15.2% on a year-over-year basis. During the same period last year, the company posted $0.72 EPS. As a group, analysts expect that Shutterstock will post 3.12 earnings per share for the current fiscal year.

Shutterstock Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, March 6th will be issued a $0.33 dividend. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.55%. Shutterstock’s dividend payout ratio is presently 130.69%.

Hedge Funds Weigh In On Shutterstock

A number of institutional investors have recently made changes to their positions in the stock. Truvestments Capital LLC purchased a new stake in shares of Shutterstock in the 3rd quarter valued at $31,000. Amundi boosted its stake in shares of Shutterstock by 26.2% in the 4th quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after purchasing an additional 488 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Shutterstock by 167.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider’s stock valued at $76,000 after purchasing an additional 1,565 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Shutterstock in the 4th quarter valued at $108,000. Finally, Palouse Capital Management Inc. boosted its stake in shares of Shutterstock by 13.7% in the 4th quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock valued at $132,000 after purchasing an additional 525 shares in the last quarter. 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.