Shutterstock (NYSE:SSTK) Trading 4.6% Higher - Here's What Happened

Shares of Shutterstock, Inc. (NYSE:SSTK - Get Free Report) traded up 4.6% on Monday . The stock traded as high as $17.58 and last traded at $17.54. 187,471 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 536,864 shares. The stock had previously closed at $16.76.

Wall Street Analysts Forecast Growth

SSTK has been the subject of several recent analyst reports. Needham & Company LLC decreased their price target on Shutterstock from $45.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, March 7th. StockNews.com raised Shutterstock from a "hold" rating to a "buy" rating in a research report on Monday. JMP Securities reiterated a "market perform" rating on shares of Shutterstock in a research note on Monday. Finally, Truist Financial lowered Shutterstock from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $45.33.

Shutterstock Trading Up 7.8 %

The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The business has a 50-day moving average of $17.66 and a 200-day moving average of $25.94. The firm has a market cap of $659.25 million, a price-to-earnings ratio of 18.33 and a beta of 1.10.

Shutterstock (NYSE:SSTK - Get Free Report) last posted its earnings results on Friday, May 2nd. The business services provider reported $1.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.26 by ($0.23). Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. 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 posted $1.13 EPS. The business's quarterly revenue was up 13.2% compared to the same quarter last year. Research analysts anticipate that Shutterstock, Inc. will post 3.12 EPS 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 of this dividend is Thursday, June 5th. This represents a $1.32 annualized dividend and a yield of 7.06%. Shutterstock's dividend payout ratio is currently 121.10%.

Institutional Trading of Shutterstock

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Amundi lifted its position in shares of 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 acquiring an additional 488 shares during the period. Covestor Ltd grew its holdings in Shutterstock by 11.3% during the fourth quarter. Covestor Ltd now owns 5,092 shares of the business services provider's stock worth $155,000 after buying an additional 515 shares in the last quarter. Palouse Capital Management Inc. lifted its stake in Shutterstock by 13.7% during the 4th quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider's stock valued at $132,000 after acquiring an additional 525 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of Shutterstock by 1.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider's stock worth $1,066,000 after acquiring an additional 532 shares in the last quarter. Finally, Snowden Capital Advisors LLC lifted its position in shares of Shutterstock by 5.4% during the fourth quarter. Snowden Capital Advisors LLC now owns 10,701 shares of the business services provider's stock valued at $325,000 after purchasing an additional 548 shares in the last quarter. Institutional investors 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.