Rhumbline Advisers cut its stake in Shutterstock, Inc. (NYSE:SSTK) by 0.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 61,915 shares of the business services provider’s stock after selling 198 shares during the period. Rhumbline Advisers’ holdings in Shutterstock were worth $6,078,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in SSTK. Teacher Retirement System of Texas bought a new position in shares of Shutterstock during the 2nd quarter worth approximately $254,000. Envestnet Asset Management Inc. boosted its holdings in shares of Shutterstock by 16.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 50,104 shares of the business services provider’s stock worth $4,919,000 after buying an additional 6,964 shares in the last quarter. Brinker Capital Investments LLC bought a new position in shares of Shutterstock during the 2nd quarter worth approximately $253,000. Hussman Strategic Advisors Inc. boosted its holdings in shares of Shutterstock by 201.4% during the 2nd quarter. Hussman Strategic Advisors Inc. now owns 21,700 shares of the business services provider’s stock worth $2,130,000 after buying an additional 14,500 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Shutterstock during the 2nd quarter worth approximately $219,000. Institutional investors and hedge funds own 64.74% of the company’s stock.
A number of research firms have issued reports on SSTK. Zacks Investment Research upgraded Shutterstock from a “hold” rating to a “buy” rating and set a $122.00 price target on the stock in a report on Tuesday, August 3rd. JMP Securities upped their target price on Shutterstock from $110.00 to $123.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 28th. Truist Securities upped their target price on Shutterstock from $116.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, September 8th. Needham & Company LLC upped their target price on Shutterstock from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, July 28th. Finally, Truist upped their target price on Shutterstock from $116.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, September 8th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $110.43.
Shutterstock (NYSE:SSTK) last released its quarterly earnings results on Tuesday, July 27th. The business services provider reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.40. The business had revenue of $189.90 million during the quarter, compared to analyst estimates of $179.45 million. Shutterstock had a return on equity of 25.67% and a net margin of 14.93%. Shutterstock’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.62 EPS. As a group, research analysts anticipate that Shutterstock, Inc. will post 2.36 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 16th. Investors of record on Thursday, September 2nd will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date is Wednesday, September 1st. Shutterstock’s payout ratio is currently 41.58%.
In related news, Chairman Jonathan Oringer sold 28,378 shares of the stock in a transaction on Thursday, July 8th. The stock was sold at an average price of $100.26, for a total value of $2,845,178.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 179,860 shares of company stock valued at $19,116,247 over the last three months. 37.40% of the stock is currently owned by insiders.
Shutterstock, Inc engages in the operation of marketplace for licensed content. The firm licenses images, video, music, editorial assets, and custom content tailored to a brand’s needs. It operates through the Content Business and Other Category segments. The Content segment consists of Bigstock, Music, and Editorial.
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