Shutterstock (NYSE:SSTK) Issues Quarterly Earnings Results, Misses Estimates By $0.38 EPS

Shutterstock (NYSE:SSTK) released its quarterly earnings results on Tuesday. The business services provider reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.38), FiscalAI reports. Shutterstock had a net margin of 4.60% and a return on equity of 16.16%. The business had revenue of $220.22 million during the quarter. During the same period in the previous year, the business posted $0.67 EPS. The business’s revenue was down 12.0% compared to the same quarter last year.

Shutterstock Stock Performance

Shares of NYSE:SSTK traded up $0.44 during trading on Thursday, hitting $15.50. 383,297 shares of the stock traded hands, compared to its average volume of 272,209. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.20. The company has a fifty day moving average price of $18.62 and a two-hundred day moving average price of $20.55. Shutterstock has a 52-week low of $14.35 and a 52-week high of $29.50. The company has a market cap of $550.56 million, a price-to-earnings ratio of 12.02 and a beta of 1.26.

Shutterstock Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Thursday, March 5th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 9.3%. The ex-dividend date of this dividend is Thursday, March 5th. This is a positive change from Shutterstock’s previous quarterly dividend of $0.33. Shutterstock’s dividend payout ratio is 78.57%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Balyasny Asset Management L.P. raised its holdings in Shutterstock by 229.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 804,655 shares of the business services provider’s stock worth $15,369,000 after purchasing an additional 560,617 shares during the period. Millennium Management LLC increased its position in shares of Shutterstock by 109.3% in the first quarter. Millennium Management LLC now owns 626,615 shares of the business services provider’s stock valued at $11,674,000 after buying an additional 327,203 shares in the last quarter. Callodine Capital Management LP raised its stake in shares of Shutterstock by 34.5% during the 4th quarter. Callodine Capital Management LP now owns 1,033,963 shares of the business services provider’s stock worth $19,749,000 after buying an additional 265,258 shares during the period. UBS Group AG raised its stake in shares of Shutterstock by 72.7% during the 3rd quarter. UBS Group AG now owns 547,241 shares of the business services provider’s stock worth $11,410,000 after buying an additional 230,413 shares during the period. Finally, Adage Capital Partners GP L.L.C. purchased a new position in shares of Shutterstock during the 4th quarter valued at approximately $3,763,000. Institutional investors and hedge funds own 82.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SSTK. Zacks Research raised shares of Shutterstock from a “strong sell” rating to a “hold” rating in a report on Monday, January 26th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Shutterstock in a research note on Wednesday, January 21st. Finally, Wall Street Zen lowered Shutterstock from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $25.00.

About Shutterstock

Shutterstock, Inc (NYSE:SSTK) operates a leading global creative platform that provides royalty-free stock content to businesses, marketing agencies and media outlets. Its primary offerings include high-resolution photographs, vector graphics, illustrations, video footage and music tracks, all available through subscription plans or on-demand licensing. The platform also features customizable design tools and collaborative workspaces that enable customers to create and manage visual content more efficiently.

Founded in 2003 by Jon Oringer, Shutterstock began as an online marketplace offering a modest selection of images and quickly scaled its library to hundreds of millions of assets.