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

Shutterstock, Inc. (NYSE:SSTK)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $13.22, but opened at $15.70. Shutterstock shares last traded at $15.4450, with a volume of 437,414 shares traded.

Wall Street Analyst Weigh In

Several research analysts have issued reports on SSTK shares. Zacks Research downgraded shares of Shutterstock from a “hold” rating to a “strong sell” rating in a research report on Thursday, June 11th. Wall Street Zen cut shares of Shutterstock from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Weiss Ratings downgraded shares of Shutterstock from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 4th. Finally, Citigroup raised Shutterstock from a “neutral” rating to a “buy” rating and set a $7.00 price target on the stock in a report on Friday, June 5th. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Shutterstock presently has an average rating of “Reduce” and a consensus price target of $7.00.

Shutterstock Stock Up 23.2%

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.51 and a current ratio of 0.51. The firm has a market capitalization of $598.46 million, a price-to-earnings ratio of -27.72 and a beta of 1.07. The firm has a fifty day moving average price of $15.79 and a 200 day moving average price of $17.13.

Shutterstock Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th were given a $0.36 dividend. The ex-dividend date was Thursday, June 4th. This represents a $1.44 annualized dividend and a yield of 8.8%. Shutterstock’s dividend payout ratio is presently -248.28%.

Institutional Investors Weigh In On Shutterstock

Several institutional investors have recently made changes to their positions in SSTK. WealthCollab LLC increased its holdings in shares of Shutterstock by 40.7% in the 3rd quarter. WealthCollab LLC now owns 2,043 shares of the business services provider’s stock valued at $43,000 after acquiring an additional 591 shares during the last quarter. New York State Teachers Retirement System lifted its holdings in Shutterstock by 4.7% in the fourth quarter. New York State Teachers Retirement System now owns 13,437 shares of the business services provider’s stock worth $257,000 after acquiring an additional 601 shares during the last quarter. Illinois Municipal Retirement Fund boosted its stake in Shutterstock by 5.1% in the third quarter. Illinois Municipal Retirement Fund now owns 12,852 shares of the business services provider’s stock valued at $268,000 after acquiring an additional 628 shares during the period. Janney Montgomery Scott LLC boosted its stake in Shutterstock by 3.8% in the first quarter. Janney Montgomery Scott LLC now owns 18,096 shares of the business services provider’s stock valued at $301,000 after acquiring an additional 668 shares during the period. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Shutterstock by 6.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 13,558 shares of the business services provider’s stock valued at $259,000 after purchasing an additional 846 shares during the last quarter. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

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.