Shutterstock (NYSE:SSTK) Shares Gap Up – Still a Buy?

Shutterstock, Inc. (NYSE:SSTK) shares 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 trading hands.

Wall Street Analyst Weigh In

SSTK has been the topic of a number of recent analyst reports. Truist Financial cut their price target on Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. StockNews.com cut Shutterstock from a “buy” rating to a “hold” rating in a report on Monday. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a report 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. Finally, Morgan Stanley decreased their price target on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, October 21st. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $53.67.

Shutterstock Stock Performance

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 firm’s 50 day moving average is $31.54 and its 200-day moving average is $34.19. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of 36.00 and a beta of 1.08.

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

Shutterstock Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued 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 3.27%. Shutterstock’s payout ratio is 117.65%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC increased its holdings in shares of Shutterstock by 397.5% during the 3rd quarter. FMR LLC now owns 39,193 shares of the business services provider’s stock worth $1,386,000 after purchasing an additional 31,315 shares during the period. Geode Capital Management LLC increased its holdings in shares of Shutterstock by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock worth $20,275,000 after purchasing an additional 25,050 shares during the period. Barclays PLC increased its holdings in shares of Shutterstock by 238.6% during the 3rd quarter. Barclays PLC now owns 50,565 shares of the business services provider’s stock worth $1,788,000 after purchasing an additional 35,632 shares during the period. Hotchkis & Wiley Capital Management LLC bought a new position in shares of Shutterstock during the 3rd quarter worth about $8,493,000. Finally, Rubric Capital Management LP acquired a new position in Shutterstock in the second quarter worth about $14,769,000. Institutional investors own 82.79% of the company’s stock.

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.