Shutterstock (NYSE:SSTK) Given New $30.00 Price Target at Needham & Company LLC

Shutterstock (NYSE:SSTK) had its target price cut by Needham & Company LLC from $45.00 to $30.00 in a research report released on Friday morning, MarketBeat Ratings reports. They currently have a buy rating on the business services provider’s stock.

Several other equities analysts have also recently weighed in on the company. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. Truist Financial cut Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, StockNews.com initiated coverage on Shutterstock in a research note on Friday. They set a “hold” rating on the stock. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $45.33.

Shutterstock Price Performance

NYSE SSTK opened at $20.16 on Friday. The stock’s 50-day moving average price is $28.18 and its two-hundred day moving average price 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 company has a market cap 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 released its earnings results on Tuesday, February 25th. The business services provider reported $0.67 earnings per share 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 for the quarter, compared to analysts’ expectations of $254.16 million. During the same period last year, the firm earned $0.72 EPS. The company’s revenue was up 15.2% compared to the same quarter last year. On average, analysts predict that Shutterstock will post 3.12 EPS for the current year.

Shutterstock Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be paid a $0.33 dividend. This is a boost 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 annualized dividend and a dividend yield of 6.55%. Shutterstock’s payout ratio is presently 130.69%.

Institutional Investors Weigh In On Shutterstock

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