State of New Jersey Common Pension Fund D Purchases 4,655 Shares of Shutterstock, Inc. (NYSE:SSTK)

State of New Jersey Common Pension Fund D raised its stake in Shutterstock, Inc. (NYSE:SSTKGet Rating) by 19.7% in the 1st quarter, HoldingsChannel.com reports. The firm owned 28,325 shares of the business services provider’s stock after buying an additional 4,655 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Shutterstock were worth $2,636,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Conestoga Capital Advisors LLC raised its stake in shares of Shutterstock by 94.3% in the first quarter. Conestoga Capital Advisors LLC now owns 1,087,633 shares of the business services provider’s stock worth $101,237,000 after purchasing an additional 527,928 shares during the last quarter. Copeland Capital Management LLC raised its stake in shares of Shutterstock by 8.6% in the first quarter. Copeland Capital Management LLC now owns 575,601 shares of the business services provider’s stock worth $53,577,000 after purchasing an additional 45,421 shares during the last quarter. Northern Trust Corp raised its stake in shares of Shutterstock by 18.0% in the fourth quarter. Northern Trust Corp now owns 364,782 shares of the business services provider’s stock worth $40,447,000 after purchasing an additional 55,759 shares during the last quarter. Boston Trust Walden Corp raised its stake in shares of Shutterstock by 52.7% in the first quarter. Boston Trust Walden Corp now owns 351,514 shares of the business services provider’s stock worth $32,719,000 after purchasing an additional 121,311 shares during the last quarter. Finally, Pembroke Management LTD raised its stake in shares of Shutterstock by 4.3% in the fourth quarter. Pembroke Management LTD now owns 297,559 shares of the business services provider’s stock worth $32,993,000 after purchasing an additional 12,148 shares during the last quarter. 66.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SSTK. Needham & Company LLC decreased their price target on Shutterstock from $100.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, July 27th. Morgan Stanley started coverage on Shutterstock in a research report on Thursday. They set an “equal weight” rating and a $54.00 price target for the company. Truist Financial decreased their price objective on shares of Shutterstock from $120.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, July 27th. JMP Securities dropped their target price on shares of Shutterstock from $125.00 to $80.00 and set a “maintains” rating on the stock in a research note on Wednesday, July 27th. Finally, TheStreet lowered shares of Shutterstock from a “b-” rating to a “c+” rating in a research note on Thursday, June 16th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Shutterstock currently has an average rating of “Moderate Buy” and a consensus target price of $76.00.

Shutterstock Stock Down 3.5 %

SSTK opened at $56.50 on Monday. The firm has a 50-day moving average price of $57.71 and a 200-day moving average price of $75.40. Shutterstock, Inc. has a twelve month low of $50.04 and a twelve month high of $128.36. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 23.74, a PEG ratio of 2.95 and a beta of 1.22.

Shutterstock (NYSE:SSTKGet Rating) last issued its earnings results on Tuesday, July 26th. The business services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.12). Shutterstock had a net margin of 11.27% and a return on equity of 22.22%. The business had revenue of $206.90 million for the quarter, compared to the consensus estimate of $209.17 million. During the same period in the previous year, the firm earned $0.82 EPS. The company’s revenue was up 9.0% compared to the same quarter last year. On average, sell-side analysts expect that Shutterstock, Inc. will post 2.68 earnings per share for the current fiscal year.

Shutterstock Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be paid a $0.24 dividend. The ex-dividend date is Wednesday, August 31st. This represents a $0.96 annualized dividend and a yield of 1.70%. Shutterstock’s dividend payout ratio is currently 40.34%.

Insider Buying and Selling at Shutterstock

In other news, Director Deirdre Mary Bigley sold 426 shares of the firm’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $60.59, for a total value of $25,811.34. Following the completion of the transaction, the director now directly owns 9,528 shares in the company, valued at $577,301.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Deirdre Mary Bigley sold 426 shares of the stock in a transaction on Monday, June 6th. The stock was sold at an average price of $60.59, for a total value of $25,811.34. Following the sale, the director now owns 9,528 shares in the company, valued at $577,301.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul J. Hennessy bought 10,000 shares of Shutterstock stock in a transaction that occurred on Friday, June 10th. The shares were acquired at an average price of $56.47 per share, with a total value of $564,700.00. Following the completion of the transaction, the director now owns 31,134 shares of the company’s stock, valued at $1,758,136.98. The disclosure for this purchase can be found here. Insiders own 35.50% of the company’s stock.

About Shutterstock

(Get Rating)

Shutterstock, Inc, a technology company, provides quality content, and creative workflow solutions 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 images and footage.

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Want to see what other hedge funds are holding SSTK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shutterstock, Inc. (NYSE:SSTKGet Rating).

Institutional Ownership by Quarter for Shutterstock (NYSE:SSTK)

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