Shutterstock (NYSE:SSTK) Posts Quarterly Earnings Results

Shutterstock (NYSE:SSTK) released its earnings results on Tuesday. The business services provider reported $0.67 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.38), FiscalAI reports. Shutterstock had a return on equity of 16.16% and a net margin of 4.60%.The firm had revenue of $220.22 million during the quarter. During the same quarter in the prior year, the business posted $0.67 earnings per share. Shutterstock’s quarterly revenue was down 12.0% compared to the same quarter last year.

Shutterstock Price Performance

NYSE:SSTK traded up $0.42 during mid-day trading on Thursday, hitting $15.48. The company’s stock had a trading volume of 378,904 shares, compared to its average volume of 272,076. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $549.85 million, a price-to-earnings ratio of 12.00 and a beta of 1.26. Shutterstock has a fifty-two week low of $14.35 and a fifty-two week high of $29.50. The stock has a fifty day moving average of $18.62 and a 200-day moving average of $20.55.

Shutterstock Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders 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 of this dividend is Thursday, March 5th. This represents a $1.44 annualized dividend and a yield of 9.3%. Shutterstock’s payout ratio is presently 78.57%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Callodine Capital Management LP raised its holdings in Shutterstock by 34.5% during the 4th quarter. Callodine Capital Management LP now owns 1,033,963 shares of the business services provider’s stock worth $19,749,000 after purchasing an additional 265,258 shares during the last quarter. State Street Corp grew its position in shares of Shutterstock by 2.2% in the 4th quarter. State Street Corp now owns 966,891 shares of the business services provider’s stock valued at $18,468,000 after purchasing an additional 20,961 shares during the period. Balyasny Asset Management L.P. increased its position in shares of Shutterstock by 229.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 804,655 shares of the business services provider’s stock worth $15,369,000 after acquiring an additional 560,617 shares in the last quarter. Millennium Management LLC raised its stake 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 valued at $11,674,000 after purchasing an additional 327,203 shares during the period. Finally, Geode Capital Management LLC raised its position in Shutterstock by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 590,879 shares of the business services provider’s stock valued at $11,288,000 after buying an additional 2,327 shares during the last quarter. 82.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

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.