Shutterstock (NYSE:SSTK) Hits New 12-Month Low – What’s Next?

Shutterstock, Inc. (NYSE:SSTK)’s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $28.85 and last traded at $28.85, with a volume of 6980 shares changing hands. The stock had previously closed at $29.51.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SSTK. Truist Financial decreased their target price on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Morgan Stanley lowered their target price 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. StockNews.com cut Shutterstock from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, Needham & Company LLC reissued a “buy” rating and set a $55.00 price objective on shares of Shutterstock in a research note on Tuesday, October 29th.

Shutterstock Stock Up 3.1 %

The company has a market capitalization of $1.06 billion, a P/E ratio of 29.86 and a beta of 1.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The company has a 50 day moving average of $32.37 and a 200-day moving average of $36.22.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. The firm had revenue of $250.59 million for the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the company earned $0.99 EPS. As a group, equities analysts anticipate that Shutterstock, Inc. will post 3.07 EPS for the current year.

Shutterstock Announces Dividend

The business 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 $0.30 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.20 annualized dividend and a dividend yield of 3.94%. Shutterstock’s dividend payout ratio is 117.65%.

Hedge Funds Weigh In On Shutterstock

Institutional investors have recently bought and sold shares of the stock. Sei Investments Co. boosted its holdings in shares of Shutterstock by 14.5% during the 1st quarter. Sei Investments Co. now owns 44,214 shares of the business services provider’s stock valued at $2,025,000 after buying an additional 5,605 shares in the last quarter. Avantax Advisory Services Inc. bought a new stake in Shutterstock during the first quarter worth about $267,000. ProShare Advisors LLC grew its holdings in Shutterstock by 7.4% in the first quarter. ProShare Advisors LLC now owns 4,957 shares of the business services provider’s stock worth $227,000 after purchasing an additional 342 shares during the period. State Board of Administration of Florida Retirement System increased its stake in shares of Shutterstock by 41.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 10,067 shares of the business services provider’s stock valued at $461,000 after purchasing an additional 2,965 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings 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 valued at $134,048,000 after purchasing an additional 47,929 shares during the last quarter. 82.79% of the stock is owned by institutional investors.

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.