Shutterstock (NYSE:SSTK) Shares Gap Up – Should You Buy?

Shutterstock, Inc. (NYSE:SSTK) shares gapped up prior to trading on Tuesday . The stock had previously closed at $29.53, but opened at $33.01. Shutterstock shares last traded at $32.89, with a volume of 467,138 shares.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SSTK. Morgan Stanley lowered their target price on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, October 21st. StockNews.com upgraded shares of Shutterstock from a “hold” rating to a “buy” rating in a research report on Tuesday, October 1st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $55.00 target price on shares of Shutterstock in a research report on Tuesday.

Shutterstock Stock Up 13.2 %

The stock has a market capitalization of $1.18 billion, a PE ratio of 25.08 and a beta of 1.09. The stock’s 50 day moving average price is $33.14 and its 200-day moving average price is $37.29.

Shutterstock (NYSE:SSTK) last issued its earnings results on Tuesday, August 6th. The business services provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.01). Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The business had revenue of $220.05 million for the quarter, compared to the consensus estimate of $213.44 million. During the same period last year, the business posted $0.76 EPS. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, analysts forecast that Shutterstock, Inc. will post 2.99 earnings per share for the current year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend is Friday, November 29th. Shutterstock’s dividend payout ratio (DPR) is presently 91.60%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC boosted its stake 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 valued at $37,000 after buying an additional 952 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in shares of Shutterstock during the 2nd quarter valued at approximately $41,000. Truvestments Capital LLC purchased a new position in shares of Shutterstock in the first quarter valued at $42,000. Quarry LP raised its stake 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 purchasing an additional 842 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in Shutterstock by 69.6% during the second quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock valued at $79,000 after purchasing an additional 838 shares during the last quarter. Institutional investors 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.