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

Shutterstock, Inc. (NYSE:SSTK - Get Free Report)'s stock price 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 traded.

A number of other research analysts have also recently issued reports on the stock. Truist Financial cut shares of Shutterstock from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Wall Street Zen started coverage on shares of Shutterstock in a research report on Wednesday, May 21st. They set a "buy" rating for the company. Finally, JMP Securities reissued 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. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $43.67.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Performa Ltd US LLC bought a new stake in shares of Shutterstock in the 1st quarter valued at about $25,000. Versant Capital Management Inc boosted its stake in Shutterstock by 1,908.6% in the 1st quarter. Versant Capital Management Inc now owns 1,406 shares of the business services provider's stock worth $26,000 after purchasing an additional 1,336 shares in the last quarter. HHM Wealth Advisors LLC acquired a new stake in Shutterstock in the 1st quarter worth approximately $28,000. CWM LLC raised its position in Shutterstock by 93.8% during the 1st quarter. CWM LLC now owns 1,810 shares of the business services provider's stock worth $34,000 after buying an additional 876 shares during the last quarter. Finally, Amundi raised its position in Shutterstock by 26.2% during the 4th 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. Hedge funds and other institutional investors own 82.79% of the company's stock.

Shutterstock Stock Up 2.7%

The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $652.83 million, a PE ratio of 18.16 and a beta of 1.10. The business'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 issued its quarterly earnings results on Friday, May 2nd. The business services provider reported $1.03 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 company had revenue of $242.62 million during the quarter, compared to analysts' expectations of $249.44 million. During the same period in the previous year, the firm posted $1.13 EPS. Shutterstock's revenue was up 13.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Shutterstock Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Thursday, June 5th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $1.32 annualized dividend and a dividend yield of 7.13%. Shutterstock's dividend payout ratio is presently 121.10%.

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.