Shutterstock, Inc. (NYSE:SSTK) Stock Position Lowered by Duality Advisers LP

Duality Advisers LP lessened its position in Shutterstock, Inc. (NYSE:SSTK) by 71.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,024 shares of the business services provider’s stock after selling 30,519 shares during the quarter. Duality Advisers LP’s holdings in Shutterstock were worth $581,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in SSTK. Hunter Perkins Capital Management LLC purchased a new stake in Shutterstock in the 3rd quarter worth approximately $333,000. Copeland Capital Management LLC lifted its position in Shutterstock by 0.3% in the 3rd quarter. Copeland Capital Management LLC now owns 1,015,828 shares of the business services provider’s stock worth $38,652,000 after buying an additional 3,468 shares in the last quarter. Raymond James & Associates lifted its position in Shutterstock by 3.6% in the 3rd quarter. Raymond James & Associates now owns 54,896 shares of the business services provider’s stock worth $2,089,000 after buying an additional 1,917 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Shutterstock by 20.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 569,594 shares of the business services provider’s stock worth $21,673,000 after buying an additional 96,337 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Shutterstock by 28.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,856 shares of the business services provider’s stock worth $223,000 after buying an additional 1,282 shares in the last quarter. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Shutterstock Trading Down 1.4 %

NYSE:SSTK opened at $42.17 on Friday. Shutterstock, Inc. has a 1 year low of $33.80 and a 1 year high of $70.50. The firm’s fifty day simple moving average is $45.70 and its 200 day simple moving average is $44.90. The firm has a market capitalization of $1.50 billion, a PE ratio of 13.92 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last posted its earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.13. Shutterstock had a net margin of 12.61% and a return on equity of 23.04%. The business had revenue of $217.22 million for the quarter, compared to analyst estimates of $224.04 million. As a group, analysts anticipate that Shutterstock, Inc. will post 3.13 EPS for the current fiscal year.

Shutterstock Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 30th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.20 dividend on an annualized basis and a yield of 2.85%. Shutterstock’s payout ratio is presently 39.60%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SSTK. Morgan Stanley began coverage on shares of Shutterstock in a research note on Thursday, February 22nd. They set an “equal weight” rating and a $55.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Shutterstock in a research note on Thursday, February 29th. StockNews.com lowered shares of Shutterstock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 29th. Finally, Truist Financial dropped their price target on shares of Shutterstock from $85.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. 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 data from MarketBeat.com, Shutterstock has a consensus rating of “Moderate Buy” and an average price target of $62.50.

Insider Activity at Shutterstock

In related news, insider John Caine sold 5,440 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $47.20, for a total value of $256,768.00. Following the transaction, the insider now directly owns 5,439 shares in the company, valued at approximately $256,720.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 32.30% of the stock is currently owned by company insiders.

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.