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

Shares of Shutterstock, Inc. (NYSE:SSTK) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $17.17 and last traded at $18.75, with a volume of 764323 shares traded. The stock had previously closed at $17.79.

Wall Street Analysts Forecast Growth

SSTK has been the subject of several research reports. Needham & Company LLC dropped their price objective on shares of Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, March 7th. StockNews.com began coverage on Shutterstock in a research note on Monday. They issued a “hold” rating for the company. Truist Financial lowered Shutterstock from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $45.33.

Shutterstock Price Performance

The stock has a market cap of $632.98 million, a P/E ratio of 17.78 and a beta of 1.12. The company’s 50 day moving average price is $24.04 and its 200-day moving average price is $29.06. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23.

Shutterstock (NYSE:SSTK) last announced its earnings results on Tuesday, February 25th. The business services provider reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.25). The company had revenue of $250.30 million for the quarter, compared to the consensus estimate of $254.16 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.72 earnings per share. As a group, sell-side analysts expect that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, March 6th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 7.28%. The ex-dividend date of this dividend was Thursday, March 6th. This is an increase from Shutterstock’s previous quarterly dividend of $0.30. Shutterstock’s dividend payout ratio is currently 130.69%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Amundi raised its stake in Shutterstock by 26.2% during the fourth quarter. Amundi now owns 2,350 shares of the business services provider’s stock worth $71,000 after buying an additional 488 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Shutterstock by 167.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider’s stock worth $76,000 after acquiring an additional 1,565 shares in the last quarter. R Squared Ltd acquired a new position in shares of Shutterstock in the 4th quarter valued at about $108,000. Palouse Capital Management Inc. boosted its position in shares of Shutterstock by 13.7% during the 4th quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock valued at $132,000 after purchasing an additional 525 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in Shutterstock during the fourth quarter worth approximately $134,000. Institutional investors and hedge funds own 82.79% of the company’s stock.

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.