Shutterstock (NYSE:SSTK) Downgraded by StockNews.com to “Hold”

StockNews.com lowered shares of Shutterstock (NYSE:SSTK) from a buy rating to a hold rating in a research report report published on Wednesday.

A number of other analysts also recently issued reports on the company. Truist Financial lowered their price target on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday. Morgan Stanley lowered their price target on 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 restated a “buy” rating and issued a $55.00 price target on shares of Shutterstock in a research report on Tuesday.

Shutterstock Stock Performance

SSTK stock opened at $33.12 on Wednesday. The firm has a fifty day moving average price of $33.09 and a 200 day moving average price of $37.23. Shutterstock has a fifty-two week low of $28.95 and a fifty-two week high of $54.40. The firm has a market cap of $1.17 billion, a PE ratio of 25.28 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last posted its earnings results on Tuesday, August 6th. The business services provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The business had revenue of $220.05 million during the quarter, compared to analysts’ expectations of $213.44 million. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period last year, the business posted $0.76 earnings per share. On average, equities analysts predict that Shutterstock will post 2.99 EPS for the current year.

Shutterstock Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, November 29th. This represents a $1.20 annualized dividend and a dividend yield of 3.62%. Shutterstock’s dividend payout ratio (DPR) is 91.60%.

Institutional Trading of Shutterstock

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Shutterstock by 1.7% during the first quarter. Vanguard Group Inc. now owns 2,926,166 shares of the business services provider’s stock worth $134,048,000 after purchasing an additional 47,929 shares during the last quarter. TD Asset Management Inc lifted its position in shares of Shutterstock by 13.7% during the second quarter. TD Asset Management Inc now owns 1,793,925 shares of the business services provider’s stock worth $69,425,000 after purchasing an additional 215,539 shares during the last quarter. LSV Asset Management lifted its position in shares of Shutterstock by 30.9% during the first quarter. LSV Asset Management now owns 1,793,785 shares of the business services provider’s stock worth $82,173,000 after purchasing an additional 422,942 shares during the last quarter. Epoch Investment Partners Inc. raised its holdings in shares of Shutterstock by 22.8% in the second quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock valued at $42,010,000 after acquiring an additional 201,391 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Shutterstock by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider’s stock valued at $33,648,000 after acquiring an additional 34,243 shares in the last quarter. 82.79% of the stock is currently owned by institutional investors.

Shutterstock Company Profile

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.