Shutterstock (NYSE:SSTK) Shares Gap Down Following Analyst Downgrade

Shutterstock, Inc. (NYSE:SSTK) gapped down prior to trading on Monday after Needham & Company LLC lowered their price target on the stock from $30.00 to $25.00. The stock had previously closed at $18.45, but opened at $18.08. Needham & Company LLC currently has a buy rating on the stock. Shutterstock shares last traded at $18.09, with a volume of 21,467 shares trading hands.

Several other analysts have also weighed in on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a report on Monday, May 5th. Wall Street Zen initiated coverage on Shutterstock in a report on Wednesday, May 21st. They set a “buy” rating for the company. Finally, Truist Financial lowered Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $43.67.

Institutional Trading of Shutterstock

A number of hedge funds and other institutional investors have recently modified their holdings of SSTK. Strs Ohio acquired a new position in Shutterstock during the 1st quarter worth $514,000. Millennium Management LLC raised its position in shares of Shutterstock by 109.3% during the first quarter. Millennium Management LLC now owns 626,615 shares of the business services provider’s stock worth $11,674,000 after acquiring an additional 327,203 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Shutterstock by 12.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,901 shares of the business services provider’s stock worth $557,000 after acquiring an additional 3,263 shares during the last quarter. Invenomic Capital Management LP lifted its stake in shares of Shutterstock by 47.1% during the first quarter. Invenomic Capital Management LP now owns 885,022 shares of the business services provider’s stock valued at $16,488,000 after acquiring an additional 283,532 shares during the period. Finally, Ancora Advisors LLC bought a new position in Shutterstock in the first quarter valued at about $319,000. Institutional investors and hedge funds own 82.79% of the company’s stock.

Shutterstock Stock Performance

The firm has a fifty day moving average of $17.20 and a 200-day moving average of $24.18. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. The firm has a market cap of $652.83 million, a P/E ratio of 18.16 and a beta of 1.10.

Shutterstock (NYSE:SSTK) last released its earnings results on Friday, May 2nd. The business services provider reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.23). Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business had revenue of $242.62 million for the quarter, compared to analyst estimates of $249.44 million. During the same quarter in the previous year, the company posted $1.13 earnings per share. The business’s revenue for the quarter was up 13.2% on a year-over-year basis. Research analysts predict that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Thursday, June 5th will be given a $0.33 dividend. The ex-dividend date is Thursday, June 5th. This represents a $1.32 annualized dividend and a dividend yield of 7.13%. Shutterstock’s dividend payout ratio is currently 121.10%.

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.