Potrero Capital Research LLC Boosts Stock Holdings in Shutterstock, Inc. (NYSE:SSTK)

Potrero Capital Research LLC lifted its holdings in Shutterstock, Inc. (NYSE:SSTK) by 74.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 159,380 shares of the business services provider’s stock after buying an additional 67,853 shares during the period. Shutterstock comprises 3.4% of Potrero Capital Research LLC’s holdings, making the stock its 7th largest holding. Potrero Capital Research LLC owned approximately 0.44% of Shutterstock worth $14,191,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Los Angeles Capital Management LLC grew its holdings in Shutterstock by 25.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 54,911 shares of the business services provider’s stock valued at $3,937,000 after purchasing an additional 10,965 shares during the last quarter. Credit Suisse AG grew its holdings in Shutterstock by 26.1% during the 4th quarter. Credit Suisse AG now owns 35,104 shares of the business services provider’s stock valued at $2,516,000 after purchasing an additional 7,268 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Shutterstock by 7.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 13,296 shares of the business services provider’s stock valued at $953,000 after purchasing an additional 937 shares during the last quarter. LPL Financial LLC grew its holdings in Shutterstock by 3.5% during the 4th quarter. LPL Financial LLC now owns 4,751 shares of the business services provider’s stock valued at $341,000 after purchasing an additional 160 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in Shutterstock by 914.3% during the 4th quarter. Federated Hermes Inc. now owns 177,131 shares of the business services provider’s stock valued at $12,700,000 after purchasing an additional 159,667 shares during the last quarter. Hedge funds and other institutional investors own 64.71% of the company’s stock.

Shares of SSTK traded up $0.39 during mid-day trading on Thursday, hitting $102.18. The company’s stock had a trading volume of 1,487 shares, compared to its average volume of 228,611. The company has a 50-day moving average price of $94.54. Shutterstock, Inc. has a 52-week low of $38.30 and a 52-week high of $104.57. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 38.56, a price-to-earnings-growth ratio of 3.47 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results on Tuesday, April 27th. The business services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.29. Shutterstock had a net margin of 14.08% and a return on equity of 24.83%. The firm had revenue of $183.30 million during the quarter, compared to analysts’ expectations of $175.67 million. During the same quarter in the prior year, the company earned $0.26 EPS. The company’s revenue was up 13.6% compared to the same quarter last year. On average, equities research analysts predict that Shutterstock, Inc. will post 2.24 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 17th. Stockholders of record on Thursday, June 3rd were given a $0.21 dividend. The ex-dividend date of this dividend was Wednesday, June 2nd. This represents a $0.84 annualized dividend and a dividend yield of 0.82%. Shutterstock’s payout ratio is presently 41.58%.

Several equities analysts recently commented on the stock. JMP Securities upped their price target on shares of Shutterstock from $100.00 to $110.00 and gave the company a “market outperform” rating in a report on Wednesday, April 28th. Needham & Company LLC initiated coverage on shares of Shutterstock in a research report on Monday, May 3rd. They issued a “buy” rating and a $105.00 price objective for the company. Truist boosted their price objective on shares of Shutterstock from $86.00 to $102.00 in a research report on Wednesday, April 28th. Truist Securities boosted their price objective on shares of Shutterstock from $86.00 to $102.00 in a research report on Wednesday, April 28th. Finally, Zacks Investment Research cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Wednesday, June 30th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Shutterstock presently has an average rating of “Buy” and a consensus price target of $95.71.

In related news, Chairman Jonathan Oringer sold 310 shares of the business’s stock in a transaction that occurred on Wednesday, July 14th. The shares were sold at an average price of $102.86, for a total transaction of $31,886.60. Following the completion of the transaction, the chairman now owns 12,995,070 shares in the company, valued at approximately $1,336,672,900.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Deirdre Mary Bigley sold 1,016 shares of the business’s stock in a transaction that occurred on Friday, June 4th. The stock was sold at an average price of $89.23, for a total transaction of $90,657.68. Following the transaction, the director now owns 8,250 shares of the company’s stock, valued at approximately $736,147.50. The disclosure for this sale can be found here. Insiders sold a total of 212,362 shares of company stock valued at $19,745,504 in the last ninety days. Corporate insiders own 37.40% of the company’s stock.

About Shutterstock

Shutterstock, Inc, a technology company, provides content, and tools and services in North America, Europe, and internationally. It 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, and 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 digital imagery.

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Institutional Ownership by Quarter for Shutterstock (NYSE:SSTK)

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