Hillsdale Investment Management Inc. Has $3.21 Million Holdings in Shutterstock, Inc. (NYSE:SSTK)

Hillsdale Investment Management Inc. reduced its holdings in Shutterstock, Inc. (NYSE:SSTK) by 15.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,000 shares of the business services provider’s stock after selling 12,485 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in Shutterstock were worth $3,207,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Quantbot Technologies LP boosted its holdings in shares of Shutterstock by 2,203.3% in the 1st quarter. Quantbot Technologies LP now owns 23,010 shares of the business services provider’s stock worth $1,054,000 after acquiring an additional 22,011 shares in the last quarter. TD Asset Management Inc lifted its holdings in Shutterstock by 469.3% during the 4th quarter. TD Asset Management Inc now owns 906,391 shares of the business services provider’s stock worth $43,761,000 after buying an additional 747,180 shares in the last quarter. Trigran Investments Inc. lifted its holdings in Shutterstock by 15.5% during the 4th quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock worth $58,647,000 after buying an additional 163,268 shares in the last quarter. Brown Advisory Inc. acquired a new position in Shutterstock during the 4th quarter worth $21,242,000. Finally, International Assets Investment Management LLC lifted its holdings in Shutterstock by 4,728.0% during the 4th quarter. International Assets Investment Management LLC now owns 19,312 shares of the business services provider’s stock worth $932,000 after buying an additional 18,912 shares in the last quarter. 82.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SSTK shares. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price objective on shares of Shutterstock in a report on Tuesday, May 14th. Truist Financial reduced their price objective on Shutterstock from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, May 6th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Shutterstock currently has an average rating of “Moderate Buy” and an average price target of $62.50.

Shutterstock Price Performance

Shares of Shutterstock stock traded up $0.53 on Monday, hitting $41.15. 342,328 shares of the company’s stock traded hands, compared to its average volume of 482,110. The firm’s 50-day moving average price is $39.08 and its two-hundred day moving average price is $43.40. The stock has a market capitalization of $1.47 billion, a PE ratio of 15.97 and a beta of 1.12. Shutterstock, Inc. has a one year low of $33.80 and a one year high of $54.40.

Shutterstock (NYSE:SSTK) last issued its earnings results on Thursday, May 2nd. The business services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.73 by $0.16. The company had revenue of $214.32 million during the quarter, compared to analysts’ expectations of $211.03 million. Shutterstock had a net margin of 10.71% and a return on equity of 21.14%. On average, analysts forecast that Shutterstock, Inc. will post 3.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Shutterstock

In related news, insider John Caine sold 5,439 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $42.91, for a total value of $233,387.49. Following the completion of the sale, the insider now owns 1,974 shares in the company, valued at approximately $84,704.34. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, insider John Caine sold 5,439 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $42.91, for a total value of $233,387.49. Following the completion of the sale, the insider now owns 1,974 shares in the company, valued at approximately $84,704.34. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Jarrod Yahes acquired 5,350 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was purchased at an average price of $37.35 per share, with a total value of $199,822.50. Following the transaction, the chief financial officer now owns 43,904 shares in the company, valued at $1,639,814.40. The disclosure for this purchase can be found here. Corporate insiders own 32.00% 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.