Shutterstock (NYSE:SSTK) Stock Price Down 5.5% on Insider Selling

Shutterstock, Inc. (NYSE:SSTK)’s stock price fell 5.5% during trading on Friday following insider selling activity. The company traded as low as $39.45 and last traded at $39.45. 287,459 shares changed hands during mid-day trading, a decline of 42% from the average session volume of 493,640 shares. The stock had previously closed at $41.75.

Specifically, insider John Caine sold 5,439 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $42.91, for a total transaction of $233,387.49. Following the completion of the transaction, the insider now owns 1,974 shares of the company’s stock, valued at approximately $84,704.34. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 12,853 shares of company stock valued at $575,630 in the last quarter. 32.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on SSTK. StockNews.com cut Shutterstock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 29th. Morgan Stanley began coverage on Shutterstock in a research report on Thursday, February 22nd. They set an “equal weight” rating and a $55.00 price objective on the stock. Truist Financial lowered their price objective on Shutterstock from $85.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of Shutterstock in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $62.50.

Shutterstock Trading Down 6.0 %

The stock has a market cap of $1.39 billion, a P/E ratio of 15.21 and a beta of 1.13. The firm has a 50-day simple moving average of $45.32 and a two-hundred day simple moving average of $45.09.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Wednesday, February 21st. The business services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.13. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. The company had revenue of $217.22 million for the quarter, compared to analysts’ expectations of $224.04 million. Sell-side analysts predict that Shutterstock, Inc. will post 3.13 earnings per share for the current year.

Shutterstock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 30th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date is Thursday, May 30th. Shutterstock’s payout ratio is currently 46.51%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SSTK. Raymond James & Associates increased its position in shares of Shutterstock by 3.6% in the third quarter. Raymond James & Associates now owns 54,896 shares of the business services provider’s stock worth $2,089,000 after purchasing an additional 1,917 shares during the period. Bank of New York Mellon Corp boosted its stake in Shutterstock by 20.4% in the third quarter. Bank of New York Mellon Corp now owns 569,594 shares of the business services provider’s stock valued at $21,673,000 after buying an additional 96,337 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Shutterstock by 28.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,856 shares of the business services provider’s stock valued at $223,000 after buying an additional 1,282 shares in the last quarter. Mackenzie Financial Corp boosted its stake in Shutterstock by 22.0% in the third quarter. Mackenzie Financial Corp now owns 12,738 shares of the business services provider’s stock valued at $479,000 after buying an additional 2,300 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Shutterstock by 43.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,797 shares of the business services provider’s stock valued at $1,476,000 after buying an additional 11,747 shares in the last quarter. Institutional investors own 82.79% of the company’s stock.

Shutterstock Company Profile

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.