Shutterstock (NYSE:SSTK) Shares Gap Up – Here’s What Happened

Shutterstock, Inc. (NYSE:SSTK)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $30.05, but opened at $37.04. Shutterstock shares last traded at $37.50, with a volume of 1,115,655 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. StockNews.com lowered Shutterstock from a “buy” rating to a “hold” rating in a research report on Monday. Morgan Stanley reduced their price objective on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, October 21st. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 target price on shares of Shutterstock in a research report on Tuesday, October 29th. JMP Securities restated a “market perform” rating on shares of Shutterstock in a research report on Monday. Finally, Truist Financial lowered their price objective on Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Shutterstock has a consensus rating of “Hold” and an average price target of $53.67.

Shutterstock Stock Performance

The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The stock’s fifty day simple moving average is $31.52 and its 200 day simple moving average is $34.14. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 29.88 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, beating the consensus estimate of $1.06 by $0.25. The firm had revenue of $250.59 million during the quarter, compared to analysts’ expectations of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.99 earnings per share. As a group, analysts anticipate that Shutterstock, Inc. will post 3.07 earnings per share for the current year.

Shutterstock Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.20 annualized dividend and a dividend yield of 3.94%. Shutterstock’s payout ratio is 117.65%.

Institutional Investors Weigh In On Shutterstock

Several hedge funds and other institutional investors have recently bought and sold shares of SSTK. Rubric Capital Management LP purchased a new stake in shares of Shutterstock in the 2nd quarter valued at approximately $14,769,000. Hotchkis & Wiley Capital Management LLC purchased a new position in Shutterstock in the third quarter worth approximately $8,493,000. Epoch Investment Partners Inc. increased its stake in Shutterstock by 22.8% during the second quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock worth $42,010,000 after acquiring an additional 201,391 shares during the last quarter. Rice Hall James & Associates LLC raised its position in Shutterstock by 40.7% in the third quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider’s stock valued at $18,724,000 after purchasing an additional 153,154 shares during the period. Finally, Tieton Capital Management LLC acquired a new position in shares of Shutterstock in the 2nd quarter valued at $5,320,000. 82.79% of the stock is currently owned by institutional investors and hedge funds.

About Shutterstock

Shutterstock, Inc provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects in HD and 4K formats that are integrated into websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage.