Shutterstock (NYSE:SSTK) Downgraded to “Strong Sell” Rating by Zacks Research

Zacks Research cut shares of Shutterstock (NYSE:SSTK) from a hold rating to a strong sell rating in a report published on Thursday,Zacks.com reports.

Other equities analysts have also issued reports about the stock. Wall Street Zen lowered shares of Shutterstock from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Weiss Ratings lowered shares of Shutterstock from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 4th. Finally, Citigroup upgraded shares of Shutterstock from a “neutral” rating to a “buy” rating and set a $7.00 target price on the stock in a report on Friday, June 5th. One analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $7.00.

Shutterstock Stock Performance

NYSE:SSTK opened at $14.37 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.51 and a quick ratio of 0.51. The firm has a market capitalization of $527.99 million, a price-to-earnings ratio of -24.78 and a beta of 1.07. The company’s 50-day moving average is $16.14 and its two-hundred day moving average is $17.42. Shutterstock has a 1-year low of $12.78 and a 1-year high of $29.50.

Shutterstock Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, June 4th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 10.0%. The ex-dividend date is Thursday, June 4th. Shutterstock’s dividend payout ratio is currently -248.28%.

Hedge Funds Weigh In On Shutterstock

Several large investors have recently made changes to their positions in SSTK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Shutterstock by 12.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,901 shares of the business services provider’s stock worth $557,000 after acquiring an additional 3,263 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Shutterstock by 109.3% in 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 during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Shutterstock by 22.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 115,117 shares of the business services provider’s stock worth $2,183,000 after acquiring an additional 21,083 shares during the last quarter. Franklin Resources Inc. acquired a new position in shares of Shutterstock in the 2nd quarter worth approximately $195,000. Finally, Prudential Financial Inc. lifted its holdings in shares of Shutterstock by 6.1% in the 2nd quarter. Prudential Financial Inc. now owns 25,824 shares of the business services provider’s stock worth $490,000 after acquiring an additional 1,490 shares during the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

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.