Shutterstock (NYSE:SSTK) Reaches New 1-Year Low – Here’s Why

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

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price objective on shares of Shutterstock in a report on Tuesday, October 29th. Truist Financial decreased their price target 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. StockNews.com lowered Shutterstock from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley decreased 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.

Shutterstock Trading Down 1.1 %

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. The company’s 50 day moving average is $32.55 and its 200 day moving average is $36.37. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 28.92 and a beta of 1.10.

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

Shutterstock Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend is Friday, November 29th. Shutterstock’s payout ratio is presently 117.65%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Epoch Investment Partners Inc. increased its holdings in Shutterstock by 68.8% in the 1st quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock valued at $40,503,000 after buying an additional 360,415 shares during the period. BOKF NA acquired a new stake in shares of Shutterstock during the 1st quarter valued at about $139,000. Rubric Capital Management LP acquired a new stake in shares of Shutterstock during the 2nd quarter valued at about $14,769,000. Vanguard Group Inc. increased its stake in Shutterstock by 1.7% in 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 acquiring an additional 47,929 shares during the period. Finally, Federated Hermes Inc. raised its position in Shutterstock by 95.4% in the second quarter. Federated Hermes Inc. now owns 138,719 shares of the business services provider’s stock worth $5,368,000 after purchasing an additional 67,718 shares in the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

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.