Shutterstock (NYSE:SSTK) Releases Earnings Results, Misses Expectations By $0.38 EPS

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

Shutterstock Trading Up 2.8%

SSTK traded up $0.42 on Thursday, hitting $15.48. 383,297 shares of the company were exchanged, compared to its average volume of 272,076. 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 firm has a fifty day simple moving average of $18.62 and a two-hundred day simple moving average of $20.55. The stock has a market capitalization of $549.85 million, a PE ratio of 12.00 and a beta of 1.26. Shutterstock has a 12 month low of $14.35 and a 12 month high of $29.50.

Shutterstock Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, March 5th will be issued a dividend of $0.36 per share. The ex-dividend date is Thursday, March 5th. This represents a $1.44 annualized dividend and a yield of 9.3%. This is a boost from Shutterstock’s previous quarterly dividend of $0.33. Shutterstock’s dividend payout ratio (DPR) is currently 78.57%.

Institutional Investors Weigh In On Shutterstock

Several institutional investors have recently added to or reduced their stakes in SSTK. Callodine Capital Management LP increased its position in shares of Shutterstock by 34.5% in the fourth quarter. Callodine Capital Management LP now owns 1,033,963 shares of the business services provider’s stock valued at $19,749,000 after acquiring an additional 265,258 shares during the period. State Street Corp grew its stake in shares of Shutterstock by 2.2% in the fourth quarter. State Street Corp now owns 966,891 shares of the business services provider’s stock worth $18,468,000 after purchasing an additional 20,961 shares during the last quarter. Balyasny Asset Management L.P. increased its holdings in Shutterstock by 229.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 804,655 shares of the business services provider’s stock valued at $15,369,000 after purchasing an additional 560,617 shares during the period. Millennium Management LLC raised its position in Shutterstock by 109.3% during 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 last quarter. Finally, Geode Capital Management LLC lifted its holdings 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 worth $11,288,000 after buying an additional 2,327 shares during the period. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Shutterstock in a research report on Wednesday, January 21st. Wall Street Zen cut Shutterstock from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Zacks Research raised Shutterstock from a “strong sell” rating to a “hold” rating in a report on Monday, January 26th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $25.00.

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.