Shutterstock (NYSE:SSTK) Shares Gap Up – Here’s What Happened

Shutterstock, Inc. (NYSE:SSTK)’s stock price gapped up before the market opened 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 changing hands.

Wall Street Analysts Forecast Growth

SSTK has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price target on shares of Shutterstock in a research report on Tuesday. Morgan Stanley dropped their price target on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, October 21st. Finally, StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a research report on Tuesday, October 1st.

Shutterstock Stock Up 13.2 %

The stock’s fifty day simple moving average is $33.14 and its two-hundred day simple moving average is $37.29. The firm has a market cap of $1.18 billion, a PE ratio of 25.08 and a beta of 1.09.

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

Shutterstock Announces Dividend

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

Institutional Trading of Shutterstock

Several institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC boosted its position in shares of 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. purchased a new stake in shares of Shutterstock during the 2nd quarter valued at about $41,000. Truvestments Capital LLC bought a new stake in shares of Shutterstock in the first quarter worth approximately $42,000. Quarry LP raised its holdings 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 purchasing an additional 842 shares during 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 period. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

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.