Louisiana State Employees Retirement System bought a new stake in Shutterstock, Inc. (NYSE:SSTK – Get Rating) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 11,500 shares of the business services provider’s stock, valued at approximately $577,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of SSTK. Millennium Management LLC lifted its stake in shares of Shutterstock by 119.9% in the 2nd quarter. Millennium Management LLC now owns 531,933 shares of the business services provider’s stock valued at $30,485,000 after acquiring an additional 289,990 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Shutterstock by 247.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 345,783 shares of the business services provider’s stock valued at $19,817,000 after purchasing an additional 246,149 shares during the period. Boston Trust Walden Corp increased its holdings in Shutterstock by 51.7% during the 3rd quarter. Boston Trust Walden Corp now owns 535,021 shares of the business services provider’s stock valued at $26,842,000 after purchasing an additional 182,323 shares during the period. Copeland Capital Management LLC increased its holdings in Shutterstock by 25.6% during the 2nd quarter. Copeland Capital Management LLC now owns 723,006 shares of the business services provider’s stock valued at $41,435,000 after purchasing an additional 147,405 shares during the period. Finally, Wellington Management Group LLP increased its holdings in Shutterstock by 6.9% during 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 purchasing an additional 138,474 shares during the period. Institutional investors own 70.01% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on SSTK. StockNews.com began coverage on Shutterstock in a report on Wednesday, October 12th. They set a “buy” rating on the stock. Needham & Company LLC reduced their price target on Shutterstock from $70.00 to $62.00 and set a “buy” rating on the stock in a report on Wednesday, October 26th. Morgan Stanley reduced their target price on Shutterstock from $54.00 to $47.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 25th. Truist Financial reduced their target price on Shutterstock from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, October 24th. Finally, JMP Securities downgraded Shutterstock from an “outperform” rating to a “market perform” rating in a report on Monday, November 28th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $78.50.
Shutterstock Stock Up 1.5 %
Shutterstock (NYSE:SSTK – Get Rating) last posted its quarterly earnings results on Tuesday, October 25th. The business services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.04. The company had revenue of $204.10 million for the quarter, compared to the consensus estimate of $210.48 million. Shutterstock had a return on equity of 24.11% and a net margin of 10.53%. As a group, equities analysts expect that Shutterstock, Inc. will post 3.35 EPS for the current year.
Shutterstock Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 15th. Investors of record on Thursday, December 1st were given a $0.24 dividend. The ex-dividend date of this dividend was Wednesday, November 30th. This represents a $0.96 annualized dividend and a yield of 1.72%. Shutterstock’s dividend payout ratio (DPR) is presently 41.20%.
Shutterstock Company Profile
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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