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

Shares of Shutterstock, Inc. (NYSE:SSTK) gapped up prior to trading on Wednesday . The stock had previously closed at $18.99, but opened at $19.81. Shutterstock shares last traded at $19.69, with a volume of 77,907 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SSTK. JMP Securities reissued a “market perform” rating on shares of Shutterstock in a research report on Monday, May 5th. Needham & Company LLC reduced their target price on shares of Shutterstock from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Monday, June 2nd. Wall Street Zen assumed coverage on shares of Shutterstock in a research note on Wednesday, May 21st. They set a “buy” rating on the stock. Finally, Truist Financial downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $43.67.

Shutterstock Stock Down 2.7%

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 company has a market cap of $651.85 million, a price-to-earnings ratio of 18.13 and a beta of 1.15. The firm’s fifty day simple moving average is $17.35 and its 200 day simple moving average is $23.64.

Shutterstock (NYSE:SSTK) last issued its earnings results on Friday, May 2nd. The business services provider reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.23). Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The company had revenue of $242.62 million during the quarter, compared to analyst estimates of $249.44 million. During the same quarter in the previous year, the company posted $1.13 EPS. The company’s quarterly revenue was up 13.2% on a year-over-year basis. Sell-side analysts predict that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Thursday, June 5th will be given a dividend of $0.33 per share. The ex-dividend date is Thursday, June 5th. This represents a $1.32 dividend on an annualized basis and a yield of 7.14%. Shutterstock’s payout ratio is currently 121.10%.

Institutional Trading of Shutterstock

Hedge funds have recently made changes to their positions in the company. Performa Ltd US LLC acquired a new stake in shares of Shutterstock in the 1st quarter worth $25,000. Versant Capital Management Inc increased its holdings in shares of Shutterstock by 1,908.6% in the 1st quarter. Versant Capital Management Inc now owns 1,406 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 1,336 shares in the last quarter. HHM Wealth Advisors LLC purchased a new position in shares of Shutterstock in the 1st quarter valued at about $28,000. CWM LLC increased its holdings in shares of Shutterstock by 93.8% in the 1st quarter. CWM LLC now owns 1,810 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 876 shares in the last quarter. Finally, Amundi increased its holdings in shares of Shutterstock by 26.2% in the 4th quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after purchasing an additional 488 shares in the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

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.