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

Shutterstock, Inc. (NYSE:SSTK)’s share price gapped down prior to trading 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 changing hands.

Analyst Ratings Changes

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

Shutterstock Stock Down 11.3 %

The business’s 50-day moving average is $31.57 and its 200-day moving average is $34.16. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 30.01 and a beta of 1.08. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, beating the consensus estimate 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%. Shutterstock’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period last year, the business earned $0.99 earnings per share. As a group, equities analysts predict that Shutterstock, Inc. will post 3.07 earnings per share for the current year.

Shutterstock Announces Dividend

The company also recently declared 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 was Friday, November 29th. This represents a $1.20 annualized dividend and a yield of 3.92%. Shutterstock’s dividend payout ratio is presently 117.65%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Truvestments Capital LLC purchased a new stake in Shutterstock in the 3rd quarter worth $31,000. Allspring Global Investments Holdings LLC grew its holdings 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 worth $37,000 after buying an additional 952 shares in the last quarter. Quarry LP raised its holdings in Shutterstock by 313.0% in the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock valued at $43,000 after acquiring an additional 842 shares during the last quarter. Headlands Technologies LLC lifted its position in Shutterstock by 1,339.2% during the second quarter. Headlands Technologies LLC now owns 3,339 shares of the business services provider’s stock worth $129,000 after buying an additional 3,107 shares in the last quarter. Finally, Palouse Capital Management Inc. raised its holdings in shares of Shutterstock by 20.7% during the 2nd 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.

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.