Shutterstock (NYSE:SSTK) Shares Gap Up - Still a Buy?

Shutterstock, Inc. (NYSE:SSTK - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $30.05, but opened at $37.04. Shutterstock shares last traded at $37.50, with a volume of 1,115,655 shares changing hands.

Analyst Upgrades and Downgrades

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

Shutterstock Stock Up 15.0 %

The firm's fifty day simple moving average is $31.54 and its two-hundred day simple moving average is $34.19. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 33.87 and a beta of 1.08. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.25. The firm had revenue of $250.59 million for the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. Shutterstock's revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.99 EPS. Sell-side analysts anticipate that Shutterstock, Inc. will post 3.07 EPS for the current year.

Shutterstock Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.47%. Shutterstock's payout ratio is currently 117.65%.

Hedge Funds Weigh In On Shutterstock

Hedge funds have recently bought and sold shares of the company. FMR LLC increased its stake in Shutterstock by 397.5% during the third quarter. FMR LLC now owns 39,193 shares of the business services provider's stock worth $1,386,000 after purchasing an additional 31,315 shares during the period. Geode Capital Management LLC increased its stake in Shutterstock by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider's stock worth $20,275,000 after buying an additional 25,050 shares during the period. Barclays PLC lifted its holdings in Shutterstock by 238.6% during the 3rd quarter. Barclays PLC now owns 50,565 shares of the business services provider's stock worth $1,788,000 after buying an additional 35,632 shares in the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new position in Shutterstock in the 3rd quarter valued at approximately $8,493,000. Finally, Rubric Capital Management LP purchased a new stake in shares of Shutterstock during the second quarter worth $14,769,000. Institutional investors and hedge funds 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.