Shutterstock (NYSE:SSTK) Shares Gap Down After Analyst Downgrade

Shutterstock, Inc. (NYSE:SSTK - Get Free Report) gapped down prior to trading on Monday after Needham & Company LLC lowered their price target on the stock from $30.00 to $25.00. The stock had previously closed at $18.45, but opened at $18.08. Needham & Company LLC currently has a buy rating on the stock. Shutterstock shares last traded at $18.09, with a volume of 21,467 shares changing hands.

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

Hedge Funds Weigh In On Shutterstock

Institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. lifted its position in shares of Shutterstock by 167.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider's stock valued at $76,000 after acquiring an additional 1,565 shares during the period. Franklin Resources Inc. increased its stake in Shutterstock by 50.6% in the fourth quarter. Franklin Resources Inc. now owns 23,209 shares of the business services provider's stock valued at $704,000 after purchasing an additional 7,796 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Shutterstock by 77.6% during the fourth quarter. Millennium Management LLC now owns 299,412 shares of the business services provider's stock valued at $9,087,000 after purchasing an additional 130,831 shares during the period. Sei Investments Co. boosted its position in shares of Shutterstock by 6.2% during the 4th quarter. Sei Investments Co. now owns 58,977 shares of the business services provider's stock worth $1,791,000 after purchasing an additional 3,439 shares in the last quarter. Finally, ProShare Advisors LLC acquired a new stake in shares of Shutterstock in the 4th quarter valued at about $222,000. 82.79% of the stock is currently owned by institutional investors.

Shutterstock Stock Performance

The company has a market capitalization of $636.16 million, a price-to-earnings ratio of 17.66 and a beta of 1.10. The company has a 50 day moving average price of $17.21 and a 200 day moving average price of $24.14. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42.

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

Shutterstock Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Thursday, June 5th will be paid a dividend of $0.33 per share. The ex-dividend date is Thursday, June 5th. This represents a $1.32 dividend on an annualized basis and a yield of 7.32%. Shutterstock's dividend payout ratio (DPR) is presently 121.10%.

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.