Fred Alger Management Inc. acquired a new stake in Shutterstock, Inc. (NYSE:SSTK) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 23,067 shares of the business services provider’s stock, valued at approximately $1,017,000. Fred Alger Management Inc. owned 0.07% of Shutterstock at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Victory Capital Management Inc. boosted its stake in shares of Shutterstock by 17.6% in the second quarter. Victory Capital Management Inc. now owns 2,660 shares of the business services provider’s stock worth $117,000 after acquiring an additional 398 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in Shutterstock by 76.7% during the second quarter. State of Alaska Department of Revenue now owns 3,728 shares of the business services provider’s stock worth $164,000 after buying an additional 1,618 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its stake in Shutterstock by 2.6% during the first quarter. Municipal Employees Retirement System of Michigan now owns 4,410 shares of the business services provider’s stock worth $182,000 after buying an additional 110 shares during the last quarter. Mason Street Advisors LLC boosted its stake in Shutterstock by 5.1% during the first quarter. Mason Street Advisors LLC now owns 4,438 shares of the business services provider’s stock worth $184,000 after buying an additional 216 shares during the last quarter. Finally, Allen Investment Management LLC acquired a new position in Shutterstock during the second quarter worth $242,000. 62.92% of the stock is currently owned by institutional investors.
Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Wednesday, August 2nd. The business services provider reported $0.24 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.12). The company had revenue of $134.00 million for the quarter, compared to analyst estimates of $137.83 million. Shutterstock had a net margin of 5.59% and a return on equity of 11.08%. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.36 EPS.
A number of equities analysts have weighed in on SSTK shares. TheStreet lowered Shutterstock from a “b-” rating to a “c” rating in a research note on Friday, July 7th. Jefferies Group LLC restated a “hold” rating and issued a $50.00 target price on shares of Shutterstock in a research report on Friday, June 23rd. BidaskClub downgraded Shutterstock from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. ValuEngine downgraded Shutterstock from a “hold” rating to a “sell” rating in a report on Friday, September 1st. Finally, Zacks Investment Research upgraded Shutterstock from a “sell” rating to a “hold” rating in a report on Wednesday, September 6th. Three investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $38.40.
Shutterstock, Inc (Shutterstock) is a global technology company that operates a two-sided marketplace for professionals to license content. The Company’s library of content includes digital imagery, which consists of licensed photographs, vectors, illustrations and video clips that customers use in their visual communications, such as Websites, digital and print marketing materials, corporate communications, books, publications and video content, and commercial music, which consists of music tracks and sound effects and which is often used to complement digital imagery.
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