Envestnet Asset Management Inc. Acquires 11,698 Shares of Shutterstock, Inc. (NYSE:SSTK)

Envestnet Asset Management Inc. raised its holdings in Shutterstock, Inc. (NYSE:SSTKGet Rating) by 19.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 72,048 shares of the business services provider’s stock after acquiring an additional 11,698 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Shutterstock were worth $4,129,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Wellington Management Group LLP grew its position in Shutterstock by 6.9% in the 1st quarter. Wellington Management Group LLP now owns 2,132,514 shares of the business services provider’s stock valued at $198,495,000 after acquiring an additional 138,474 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Shutterstock by 1.7% in the 1st quarter. Renaissance Technologies LLC now owns 909,501 shares of the business services provider’s stock worth $84,656,000 after buying an additional 15,000 shares during the period. State Street Corp lifted its holdings in shares of Shutterstock by 1.3% in the 1st quarter. State Street Corp now owns 818,082 shares of the business services provider’s stock worth $76,147,000 after buying an additional 10,838 shares during the period. Copeland Capital Management LLC lifted its holdings in shares of Shutterstock by 25.6% in the 2nd quarter. Copeland Capital Management LLC now owns 723,006 shares of the business services provider’s stock worth $41,435,000 after buying an additional 147,405 shares during the period. Finally, Bernzott Capital Advisors lifted its holdings in shares of Shutterstock by 11.1% in the 2nd quarter. Bernzott Capital Advisors now owns 494,850 shares of the business services provider’s stock worth $28,360,000 after buying an additional 49,592 shares during the period. Institutional investors own 70.20% of the company’s stock.

Shutterstock Stock Performance

Shutterstock stock opened at $53.91 on Monday. The stock has a 50-day moving average of $51.29 and a two-hundred day moving average of $56.73. Shutterstock, Inc. has a one year low of $44.61 and a one year high of $125.43. The stock has a market cap of $1.93 billion, a PE ratio of 23.14, a price-to-earnings-growth ratio of 4.95 and a beta of 1.08.

Shutterstock Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Wednesday, November 30th. Shutterstock’s dividend payout ratio (DPR) is presently 41.20%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Morgan Stanley lowered their target price on Shutterstock from $54.00 to $47.00 and set an “equal weight” rating for the company in a report on Tuesday, October 25th. Redburn Partners began coverage on Shutterstock in a report on Thursday, August 25th. They issued a “buy” rating for the company. Truist Financial decreased their price objective on Shutterstock from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, October 24th. StockNews.com began coverage on Shutterstock in a research note on Wednesday, October 12th. They set a “buy” rating for the company. Finally, Needham & Company LLC decreased their price objective on Shutterstock from $70.00 to $62.00 and set a “buy” rating for the company in a research note on Wednesday, October 26th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Shutterstock has a consensus rating of “Moderate Buy” and a consensus target price of $78.50.

About Shutterstock

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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.

See Also

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Institutional Ownership by Quarter for Shutterstock (NYSE:SSTK)

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