Shutterstock (NYSE:SSTK) Shares Gap Up – Still a Buy?

Shares of Shutterstock, Inc. (NYSE:SSTK) gapped up prior to trading on Monday . The stock had previously closed at $13.22, but opened at $15.70. Shutterstock shares last traded at $15.4450, with a volume of 437,414 shares changing hands.

Analyst Ratings Changes

A number of research firms have issued reports on SSTK. Zacks Research downgraded Shutterstock from a “hold” rating to a “strong sell” rating in a research note on Thursday, June 11th. Weiss Ratings cut shares of Shutterstock from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 4th. Citigroup raised shares of Shutterstock from a “neutral” rating to a “buy” rating and set a $7.00 price objective on the stock in a report on Friday, June 5th. Finally, Wall Street Zen lowered shares of Shutterstock from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. One investment analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $7.00.

Shutterstock Price Performance

The firm has a 50 day moving average price of $15.71 and a 200 day moving average price of $17.07. The stock has a market capitalization of $529.42 million, a PE ratio of -24.84 and a beta of 1.07. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.22.

Shutterstock Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th were given a $0.36 dividend. The ex-dividend date was Thursday, June 4th. This represents a $1.44 dividend on an annualized basis and a yield of 10.0%. Shutterstock’s dividend payout ratio is presently -248.28%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. WealthCollab LLC boosted its stake in Shutterstock by 40.7% in the 3rd quarter. WealthCollab LLC now owns 2,043 shares of the business services provider’s stock worth $43,000 after purchasing an additional 591 shares during the period. New York State Teachers Retirement System raised its position in shares of Shutterstock by 4.7% during the fourth quarter. New York State Teachers Retirement System now owns 13,437 shares of the business services provider’s stock valued at $257,000 after buying an additional 601 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Shutterstock by 3.8% during the first quarter. Janney Montgomery Scott LLC now owns 18,096 shares of the business services provider’s stock valued at $301,000 after buying an additional 668 shares during the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Shutterstock by 6.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 13,558 shares of the business services provider’s stock worth $259,000 after buying an additional 846 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of Shutterstock by 8.9% in the third quarter. Franklin Resources Inc. now owns 11,218 shares of the business services provider’s stock worth $234,000 after buying an additional 919 shares in the last quarter. 82.79% of the stock is owned by hedge funds and other institutional investors.

Shutterstock Company Profile

Shutterstock, Inc (NYSE:SSTK) operates a leading global creative platform that provides royalty-free stock content to businesses, marketing agencies and media outlets. Its primary offerings include high-resolution photographs, vector graphics, illustrations, video footage and music tracks, all available through subscription plans or on-demand licensing. The platform also features customizable design tools and collaborative workspaces that enable customers to create and manage visual content more efficiently.

Founded in 2003 by Jon Oringer, Shutterstock began as an online marketplace offering a modest selection of images and quickly scaled its library to hundreds of millions of assets.