Shutterstock (NYSE:SSTK) Shares Gap Down - Here's Why

Shares of Shutterstock, Inc. (NYSE:SSTK - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $34.50, but opened at $32.86. Shutterstock shares last traded at $31.85, with a volume of 283,390 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have issued reports on SSTK shares. JMP Securities reiterated a "market perform" rating on shares of Shutterstock in a research note on Monday. Needham & Company LLC reiterated a "buy" rating and set a $55.00 price objective on shares of Shutterstock in a research note on Tuesday, October 29th. Morgan Stanley lowered their target price on shares of Shutterstock from $58.00 to $50.00 and set an "equal weight" rating for the company in a research note on Monday, October 21st. StockNews.com lowered Shutterstock from a "buy" rating to a "hold" rating in a report on Monday. Finally, Truist Financial dropped their target price on Shutterstock from $65.00 to $56.00 and set a "buy" rating on the stock in a research note on Wednesday, October 30th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $53.67.

Shutterstock Trading Down 11.7 %

The stock's fifty day simple moving average is $31.57 and its 200-day simple moving average is $34.16. 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 firm has a market cap of $1.06 billion, a PE ratio of 29.88 and a beta of 1.08.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, topping analysts' consensus estimates of $1.06 by $0.25. The company had revenue of $250.59 million during the quarter, compared to analysts' expectations of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm's revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.99 EPS. On average, sell-side analysts forecast that Shutterstock, Inc. will post 3.07 earnings per share for the current year.

Shutterstock Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date was Friday, November 29th. Shutterstock's dividend payout ratio is presently 117.65%.

Institutional Trading of Shutterstock

A number of hedge funds and other institutional investors have recently made changes to their positions in SSTK. Truvestments Capital LLC acquired a new position in Shutterstock in the third quarter valued at approximately $31,000. Allspring Global Investments Holdings LLC boosted its holdings in Shutterstock by 31,733.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider's stock worth $37,000 after buying an additional 952 shares in the last quarter. Quarry LP grew its position in Shutterstock by 313.0% during the second quarter. Quarry LP now owns 1,111 shares of the business services provider's stock valued at $43,000 after buying an additional 842 shares during the period. Headlands Technologies LLC increased its holdings in Shutterstock by 1,339.2% in the second quarter. Headlands Technologies LLC now owns 3,339 shares of the business services provider's stock valued at $129,000 after buying an additional 3,107 shares in the last quarter. Finally, Palouse Capital Management Inc. raised its position in shares of Shutterstock by 20.7% in the second quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider's stock worth $150,000 after acquiring an additional 665 shares during the period. Institutional investors and hedge funds 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.