Needham & Company LLC Issues Pessimistic Forecast for Shutterstock (NYSE:SSTK) Stock Price

Shutterstock (NYSE:SSTK - Free Report) had its price objective reduced by Needham & Company LLC from $30.00 to $25.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a buy rating on the business services provider's stock.

A number of other equities analysts have also weighed in on the stock. Wall Street Zen began coverage on shares of Shutterstock in a research report on Wednesday, May 21st. They issued a "buy" rating on the stock. JMP Securities restated a "market perform" rating on shares of Shutterstock in a research note on Monday, May 5th. Finally, Truist Financial lowered shares of Shutterstock from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $43.67.

Shutterstock Stock Performance

Shutterstock stock traded down $0.18 during midday trading on Monday, hitting $18.31. 320,781 shares of the company's stock were exchanged, compared to its average volume of 514,288. 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 stock has a market cap of $645.50 million, a price-to-earnings ratio of 17.95 and a beta of 1.10. Shutterstock has a 12-month low of $14.35 and a 12-month high of $46.10. The firm's 50 day simple moving average is $17.20 and its 200 day simple moving average is $24.18.

Shutterstock (NYSE:SSTK - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The business services provider reported $1.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.26 by ($0.23). The company had revenue of $242.62 million for the quarter, compared to analysts' expectations of $249.44 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business's quarterly revenue was up 13.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.13 EPS. Equities research analysts predict that Shutterstock will post 3.12 EPS for the current year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Thursday, June 5th will be given a dividend of $0.33 per share. The ex-dividend date is Thursday, June 5th. This represents a $1.32 annualized dividend and a dividend yield of 7.21%. Shutterstock's payout ratio is currently 121.10%.

Hedge Funds Weigh In On Shutterstock

A number of large investors have recently made changes to their positions in SSTK. Alpine Associates Management Inc. purchased a new position in Shutterstock in the first quarter valued at about $11,177,000. Millennium Management LLC boosted its stake in shares of Shutterstock by 109.3% during the 1st quarter. Millennium Management LLC now owns 626,615 shares of the business services provider's stock worth $11,674,000 after acquiring an additional 327,203 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Shutterstock in the 4th quarter worth approximately $9,903,000. Invenomic Capital Management LP increased its stake in Shutterstock by 47.1% in the 1st quarter. Invenomic Capital Management LP now owns 885,022 shares of the business services provider's stock valued at $16,488,000 after purchasing an additional 283,532 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its holdings in Shutterstock by 63.8% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 538,670 shares of the business services provider's stock worth $10,035,000 after purchasing an additional 209,840 shares during 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.