Shutterstock (NYSE:SSTK) Trading Down 4% – Here’s What Happened

Shares of Shutterstock, Inc. (NYSE:SSTK) traded down 4% during mid-day trading on Monday . The stock traded as low as $30.17 and last traded at $30.21. 99,404 shares traded 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.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SSTK shares. StockNews.com cut Shutterstock from a “buy” rating to a “hold” rating in a report on Monday. Morgan Stanley reduced their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, October 21st. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research note on Monday. Truist Financial dropped their target price on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $55.00 price target on shares of Shutterstock in a research note on Tuesday, October 29th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $53.67.

Shutterstock Stock Performance

The stock has a 50-day moving average of $31.57 and a 200 day moving average of $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 quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23.

Shutterstock (NYSE:SSTK) last issued its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. The business 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%. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period last year, the company earned $0.99 EPS. Equities analysts predict that Shutterstock, Inc. will post 3.07 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.20 annualized dividend and a dividend yield of 3.94%. Shutterstock’s dividend payout ratio (DPR) is 117.65%.

Institutional Investors Weigh In On Shutterstock

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC lifted its holdings in shares of Shutterstock by 397.5% in the 3rd quarter. FMR LLC now owns 39,193 shares of the business services provider’s stock worth $1,386,000 after acquiring an additional 31,315 shares during the last quarter. Geode Capital Management LLC lifted its stake in Shutterstock by 4.6% during the third quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock worth $20,275,000 after purchasing an additional 25,050 shares in the last quarter. Barclays PLC boosted its position in shares of Shutterstock by 238.6% during the third quarter. Barclays PLC now owns 50,565 shares of the business services provider’s stock worth $1,788,000 after buying an additional 35,632 shares during the period. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Shutterstock during the third quarter worth $8,493,000. Finally, Rubric Capital Management LP purchased a new stake in shares of Shutterstock in the 2nd quarter valued at $14,769,000. Institutional investors and hedge funds 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.