Shutterstock (NYSE:SSTK) Shares Gap Up - Here's What Happened

Shutterstock, Inc. (NYSE:SSTK - Get Free Report)'s share price gapped up before the market opened 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.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SSTK. Wall Street Zen began coverage on shares of Shutterstock in a research report on Wednesday, May 21st. They issued a "buy" rating for the company. Needham & Company LLC dropped their target price on shares of Shutterstock from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Monday, June 2nd. Truist Financial downgraded shares of Shutterstock from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Shutterstock in a report on Monday, May 5th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Shutterstock currently has an average rating of "Hold" and an average price target of $43.67.

Shutterstock Price 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 business's 50 day simple moving average is $17.35 and its 200-day simple moving average is $23.64. The stock has a market capitalization of $634.40 million, a price-to-earnings ratio of 17.64 and a beta of 1.15.

Shutterstock (NYSE:SSTK - Get Free Report) last posted its quarterly earnings data on Friday, May 2nd. The business services provider reported $1.03 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $249.44 million. During the same quarter in the prior year, the business earned $1.13 EPS. Shutterstock's revenue was up 13.2% compared to the same quarter last year. Research analysts anticipate that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Thursday, June 5th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $1.32 annualized dividend and a dividend yield of 7.34%. Shutterstock's dividend payout ratio is currently 121.10%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Performa Ltd US LLC acquired a new stake in Shutterstock during the 1st quarter valued at $25,000. Versant Capital Management Inc raised its stake in Shutterstock by 1,908.6% during 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 during the period. HHM Wealth Advisors LLC acquired a new stake in Shutterstock during the 1st quarter valued at $28,000. CWM LLC raised its stake in Shutterstock by 93.8% during 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 during the period. Finally, Amundi raised its stake in Shutterstock by 26.2% during 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 during the period. 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.