Shares of Shutterstock, Inc. (NYSE:SSTK) have received an average rating of “Hold” from five analysts currently covering the stock, according to MarketBeat.com. Among these analysts, one has issued a sell rating, three have assigned a hold rating, and one has given a buy rating. The average price target for the stock over the next year stands at $25.00.
Several research firms have recently revised their ratings on Shutterstock. Zacks Research downgraded the company’s shares from a “Hold” rating to a “Strong Sell” in a report released on November 5, 2023. Additionally, Wall Street Zen adjusted its rating from “Buy” to “Hold” on November 8, 2023. Weiss Ratings also reaffirmed a “Hold (C-)” rating on the company in a note published on October 8, 2023.
Recent Earnings Report
Shutterstock last announced its quarterly earnings on November 5, 2023. The company reported earnings per share (EPS) of $0.99, falling short of analysts’ consensus estimate of $1.47 by $0.48. The reported revenue for the quarter was $260.09 million, which exceeded expectations of $255.60 million. Notably, Shutterstock’s revenue increased by 3.8% year-over-year, although EPS decreased from $1.31 in the same quarter last year. Analysts predict that the company will achieve an EPS of $3.12 for the current financial year.
Dividend Information
In addition to its earnings report, Shutterstock announced a quarterly dividend of $0.33, set to be paid on December 18, 2023. Shareholders of record on December 4, 2023 will receive this dividend. The ex-dividend date is also on December 4, 2023, which represents an annualized dividend of $1.32 and a yield of 6.7%. The company’s dividend payout ratio (DPR) is currently at 78.57%.
Institutional Trading Activity
Recent trading activity indicates that institutional investors and hedge funds are actively managing their stakes in Shutterstock. Byrne Asset Management LLC increased its position by 10.7% during the third quarter, now holding 4,272 shares valued at approximately $89,000. WealthCollab LLC raised its stake by 40.7%, acquiring an additional 591 shares, bringing its total to 2,043 shares worth around $43,000.
Other notable increases include the Illinois Municipal Retirement Fund, which raised its stake by 5.1%, and Covestor Ltd, which lifted its holdings by 31.5%. Overall, institutional investors and hedge funds own approximately 82.79% of Shutterstock’s stock, highlighting significant institutional interest in the company.
Shutterstock remains a key player in the content creation industry, offering a platform that connects brands and businesses with high-quality images, footage, and music. As the company navigates the current market landscape, analysts and investors will be closely monitoring its performance and strategic moves in the coming months.
