Shutterstock (NYSE:SSTK) Shares Down 3.2%

Shutterstock, Inc. (NYSE:SSTK)’s share price traded down 3.2% during mid-day trading on Wednesday . The company traded as low as $34.42 and last traded at $34.43. 676,509 shares traded hands during trading, an increase of 36% from the average session volume of 495,920 shares. The stock had previously closed at $35.57.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Morgan Stanley increased their price target on Shutterstock from $55.00 to $58.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Truist Financial cut their price target on Shutterstock from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, May 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $65.00 price target on shares of Shutterstock in a report on Tuesday, August 6th.

Shutterstock Trading Down 3.1 %

The firm has a 50-day moving average price of $38.72 and a 200-day moving average price of $41.94. The stock has a market capitalization of $1.22 billion, a PE ratio of 13.79 and a beta of 1.12.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.01). Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The firm had revenue of $220.05 million during the quarter, compared to analysts’ expectations of $213.44 million. During the same period last year, the business posted $0.76 EPS. The company’s revenue was up 5.4% compared to the same quarter last year. Sell-side analysts expect that Shutterstock, Inc. will post 3.22 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Thursday, August 29th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.48%. The ex-dividend date is Thursday, August 29th. Shutterstock’s dividend payout ratio (DPR) is currently 46.51%.

Insider Buying and Selling

In other news, CFO Jarrod Yahes acquired 5,350 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was bought at an average price of $37.35 per share, with a total value of $199,822.50. Following the acquisition, the chief financial officer now owns 43,904 shares in the company, valued at approximately $1,639,814.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Shutterstock news, CFO Jarrod Yahes purchased 5,350 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was purchased at an average price of $37.35 per share, for a total transaction of $199,822.50. Following the transaction, the chief financial officer now owns 43,904 shares in the company, valued at approximately $1,639,814.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Paul J. Hennessy purchased 12,500 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were acquired at an average price of $38.38 per share, with a total value of $479,750.00. Following the transaction, the chief executive officer now owns 87,803 shares in the company, valued at approximately $3,369,879.14. The disclosure for this purchase can be found here. 32.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Shutterstock

Large investors have recently modified their holdings of the company. Quantbot Technologies LP raised its holdings in shares of Shutterstock by 2,203.3% during the 1st quarter. Quantbot Technologies LP now owns 23,010 shares of the business services provider’s stock valued at $1,054,000 after buying an additional 22,011 shares in the last quarter. TD Asset Management Inc raised its holdings in shares of Shutterstock by 469.3% during the 4th quarter. TD Asset Management Inc now owns 906,391 shares of the business services provider’s stock valued at $43,761,000 after buying an additional 747,180 shares in the last quarter. Trigran Investments Inc. raised its holdings in shares of Shutterstock by 15.5% during the 4th quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock valued at $58,647,000 after buying an additional 163,268 shares in the last quarter. Brown Advisory Inc. purchased a new position in shares of Shutterstock during the 4th quarter valued at about $21,242,000. Finally, Epoch Investment Partners Inc. raised its holdings in shares of Shutterstock by 68.8% during the 1st quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock valued at $40,503,000 after buying an additional 360,415 shares in the last quarter. 82.79% of the stock is owned by hedge funds and other institutional investors.

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.