Shutterstock (NYSE:SSTK) Shares Gap Down – Here’s Why

Shutterstock, Inc. (NYSE:SSTK) 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.

Wall Street Analysts Forecast Growth

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

Shutterstock Trading Down 11.3 %

The stock has a 50 day simple moving average of $31.57 and a 200-day simple moving average of $34.16. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $1.07 billion, a P/E ratio of 30.01 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, topping the consensus estimate of $1.06 by $0.25. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm had revenue of $250.59 million during the quarter, compared to analyst estimates of $240.90 million. During the same period in the prior year, the business posted $0.99 EPS. Shutterstock’s revenue was up 7.4% on a year-over-year basis. On average, equities research analysts forecast that Shutterstock, Inc. will post 3.07 EPS for the current fiscal year.

Shutterstock Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a $0.30 dividend. The ex-dividend date was Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a yield of 3.92%. Shutterstock’s payout ratio is presently 117.65%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Truvestments Capital LLC bought a new stake in shares of Shutterstock in the 3rd quarter valued at approximately $31,000. Allspring Global Investments Holdings LLC lifted its stake in Shutterstock by 31,733.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after purchasing an additional 952 shares during the last quarter. Quarry LP boosted its position in shares of 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 grew its stake in shares of Shutterstock by 1,339.2% during 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 during the last quarter. Finally, Palouse Capital Management Inc. raised its holdings 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 buying an additional 665 shares during the period. 82.79% of the stock is currently owned by institutional investors.

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.