Shutterstock (NYSE:SSTK) Trading 6.3% Higher - Should You Buy?

Shares of Shutterstock, Inc. (NYSE:SSTK - Get Free Report) traded up 6.3% during mid-day trading on Wednesday . The stock traded as high as $19.12 and last traded at $18.95. 153,598 shares traded hands during trading, a decline of 70% from the average session volume of 508,681 shares. The stock had previously closed at $17.82.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Needham & Company LLC reduced their price objective on 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 upgraded shares of Shutterstock to a "hold" rating in a research report on Saturday, June 14th. Truist Financial lowered shares of Shutterstock from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Finally, JMP Securities reiterated a "market perform" rating on shares of Shutterstock in a research note on Monday, May 5th. Four research analysts have rated the stock with a hold rating and one has given 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 target price of $43.67.

Shutterstock Stock Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a 50 day moving average of $17.56 and a 200 day moving average of $23.26. The stock has a market capitalization of $673.17 million, a P/E ratio of 17.52 and a beta of 1.15.

Shutterstock (NYSE:SSTK - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The business services provider reported $1.03 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.23). Shutterstock had a return on equity of 17.70% and a net margin of 4.00%. The firm had revenue of $242.62 million for the quarter, compared to the consensus estimate of $249.44 million. During the same quarter in the prior year, the company posted $1.13 EPS. The firm's revenue was up 13.2% on a year-over-year basis. Equities analysts predict that Shutterstock, Inc. will post 3.12 EPS for the current year.

Shutterstock Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Thursday, June 5th will be paid a $0.33 dividend. The ex-dividend date is Thursday, June 5th. This represents a $1.32 annualized dividend and a dividend yield of 6.91%. Shutterstock's payout ratio is currently 121.10%.

Hedge Funds Weigh In On Shutterstock

Several hedge funds and other institutional investors have recently made changes to their positions in SSTK. Strs Ohio acquired a new stake in Shutterstock in the 1st quarter valued at approximately $514,000. Millennium Management LLC grew its stake in shares of Shutterstock by 109.3% in the first quarter. Millennium Management LLC now owns 626,615 shares of the business services provider's stock worth $11,674,000 after purchasing an additional 327,203 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Shutterstock by 12.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,901 shares of the business services provider's stock valued at $557,000 after purchasing an additional 3,263 shares during the period. Invenomic Capital Management LP raised its stake in shares of Shutterstock by 47.1% during the first quarter. Invenomic Capital Management LP now owns 885,022 shares of the business services provider's stock valued at $16,488,000 after purchasing an additional 283,532 shares in the last quarter. Finally, Ancora Advisors LLC acquired a new stake in Shutterstock in the first quarter worth about $319,000. 82.79% of the stock is currently owned by institutional investors and hedge funds.

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.