Shutterstock (NYSE:SSTK) Shares Gap Down – Should You Sell?

Shutterstock, Inc. (NYSE:SSTK) 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.

Analyst Upgrades and Downgrades

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

Shutterstock Trading Down 0.3 %

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. The firm has a market cap of $1.07 billion, a PE ratio of 29.98 and a beta of 1.08. The stock has a 50-day simple moving average of $31.49 and a two-hundred day simple moving average of $34.11.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data 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. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm had revenue of $250.59 million during the quarter, compared to analysts’ expectations of $240.90 million. During the same period in the previous year, the company earned $0.99 earnings per share. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Shutterstock, Inc. will post 3.07 EPS for the current year.

Shutterstock Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders 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 dividend yield of 3.92%. Shutterstock’s dividend payout ratio (DPR) is currently 117.65%.

Institutional Trading of Shutterstock

A number of hedge funds have recently bought and sold shares of the company. FMR LLC boosted its position in Shutterstock by 397.5% in 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 last quarter. Geode Capital Management LLC boosted its holdings in shares of Shutterstock by 4.6% in the third 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 last quarter. Barclays PLC boosted its holdings in shares of Shutterstock by 238.6% in the third 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 during the last quarter. Hotchkis & Wiley Capital Management LLC bought a new stake in Shutterstock during the third quarter valued at approximately $8,493,000. Finally, Rubric Capital Management LP purchased a new stake in Shutterstock during the second quarter valued at approximately $14,769,000. Hedge funds and other 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.