Shutterstock (NYSE:SSTK) Shares Down 11.3% – Here’s What Happened

Shutterstock, Inc. (NYSE:SSTK) shares traded down 11.3% during trading on Tuesday . The stock traded as low as $15.62 and last traded at $15.3240. 338,743 shares traded hands during trading, an increase of 41% from the average session volume of 239,588 shares. The stock had previously closed at $17.27.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Shutterstock in a research report on Wednesday, January 21st. Zacks Research upgraded Shutterstock from a “strong sell” rating to a “hold” rating in a research note on Monday, January 26th. Finally, Wall Street Zen downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Shutterstock presently has a consensus rating of “Hold” and an average target price of $25.00.

Shutterstock Price Performance

The stock has a 50 day moving average of $18.76 and a 200-day moving average of $20.61. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.53 and a current ratio of 0.53. The company has a market cap of $542.04 million, a PE ratio of 9.08 and a beta of 1.26.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, February 24th. The business services provider reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.38). Shutterstock had a net margin of 5.89% and a return on equity of 16.30%. The firm had revenue of $220.22 million during the quarter. During the same quarter in the previous year, the company earned $0.67 earnings per share. The business’s revenue for the quarter was down 12.0% on a year-over-year basis. Equities analysts predict that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, March 5th will be issued a $0.36 dividend. This is a boost from Shutterstock’s previous quarterly dividend of $0.33. The ex-dividend date is Thursday, March 5th. This represents a $1.44 annualized dividend and a yield of 9.4%. Shutterstock’s dividend payout ratio is currently 85.71%.

Institutional Trading of Shutterstock

Institutional investors and hedge funds have recently bought and sold shares of the business. Callodine Capital Management LP acquired a new stake in shares of Shutterstock in the second quarter worth $7,835,000. Millennium Management LLC boosted its holdings in Shutterstock by 109.3% in the first quarter. Millennium Management LLC now owns 626,615 shares of the business services provider’s stock valued at $11,674,000 after purchasing an additional 327,203 shares during the last quarter. UBS Group AG grew its position in Shutterstock by 72.7% during the 3rd quarter. UBS Group AG now owns 547,241 shares of the business services provider’s stock worth $11,410,000 after purchasing an additional 230,413 shares during the period. Adage Capital Partners GP L.L.C. acquired a new stake in Shutterstock during the 4th quarter worth about $3,763,000. Finally, Alpine Associates Management Inc. raised its stake in shares of Shutterstock by 23.4% during the 3rd quarter. Alpine Associates Management Inc. now owns 902,461 shares of the business services provider’s stock valued at $18,816,000 after buying an additional 171,375 shares during the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

Shutterstock Company Profile

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.