Shutterstock (NYSE:SSTK) Shares Gap Up – Time to Buy?

Shutterstock, Inc. (NYSE:SSTK) gapped up before the market opened 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 traded.

Analyst Upgrades and Downgrades

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

Shutterstock Stock Down 11.7 %

The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 29.88 and a beta of 1.08. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. The business’s 50 day moving average is $31.52 and its 200 day moving average is $34.14.

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

Shutterstock Announces Dividend

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

Institutional Investors Weigh In On Shutterstock

Several hedge funds have recently added to or reduced their stakes in SSTK. The Manufacturers Life Insurance Company grew its stake in shares of Shutterstock by 2.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,575 shares of the business services provider’s stock worth $487,000 after purchasing an additional 309 shares during the period. Cascade Investment Advisors Inc. boosted its holdings in Shutterstock by 1.2% during the third quarter. Cascade Investment Advisors Inc. now owns 27,430 shares of the business services provider’s stock worth $970,000 after buying an additional 315 shares in the last quarter. Covestor Ltd grew its position in Shutterstock by 9.5% during the third quarter. Covestor Ltd now owns 4,577 shares of the business services provider’s stock valued at $162,000 after buying an additional 397 shares during the period. Palouse Capital Management Inc. increased its holdings in Shutterstock by 20.7% in the second quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock valued at $150,000 after buying an additional 665 shares in the last quarter. Finally, Quest Partners LLC raised its position in shares of Shutterstock by 17.9% in the second quarter. Quest Partners LLC now owns 5,406 shares of the business services provider’s stock worth $209,000 after acquiring an additional 822 shares during the period. 82.79% of the stock is owned by hedge funds and other institutional investors.

Shutterstock Company Profile

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.