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

Shutterstock, Inc. (NYSE:SSTK) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $28.65 and last traded at $28.90, with a volume of 45736 shares trading hands. The stock had previously closed at $29.17.

Analysts Set New Price Targets

Several analysts have recently weighed in on SSTK shares. Morgan Stanley dropped their price target on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, October 21st. Truist Financial lowered their price objective on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. StockNews.com upgraded Shutterstock from a “hold” rating to a “buy” rating in a research report on Wednesday, December 25th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $55.00 price target on shares of Shutterstock in a report on Tuesday, October 29th.

Shutterstock Price Performance

The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of 28.84 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. The stock has a fifty day moving average of $31.48 and a 200-day moving average of $34.39.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.25. The company had revenue of $250.59 million during the quarter, compared to the consensus estimate of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. Shutterstock’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.99 earnings per share. On average, equities research analysts predict that Shutterstock, Inc. will post 3.07 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend was Friday, November 29th. Shutterstock’s payout ratio is currently 117.65%.

Institutional Trading of Shutterstock

Several hedge funds and other institutional investors have recently made changes to their positions in SSTK. Allspring Global Investments Holdings LLC grew its holdings in Shutterstock by 31,733.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after acquiring an additional 952 shares during the period. TD Asset Management Inc increased its holdings in shares of Shutterstock by 13.7% in the 2nd quarter. TD Asset Management Inc now owns 1,793,925 shares of the business services provider’s stock valued at $69,425,000 after purchasing an additional 215,539 shares in the last quarter. Range Financial Group LLC increased its holdings in shares of Shutterstock by 20.2% in the 2nd quarter. Range Financial Group LLC now owns 25,159 shares of the business services provider’s stock valued at $974,000 after purchasing an additional 4,231 shares in the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of Shutterstock by 167.0% in the second quarter. Los Angeles Capital Management LLC now owns 33,598 shares of the business services provider’s stock valued at $1,300,000 after purchasing an additional 21,014 shares during the period. Finally, Quest Partners LLC boosted its holdings in Shutterstock by 17.9% during the second quarter. Quest Partners LLC now owns 5,406 shares of the business services provider’s stock worth $209,000 after buying an additional 822 shares in the last quarter. Hedge funds and other 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.