New York State Teachers Retirement System Increases Stock Holdings in Shutterstock, Inc. (NYSE:SSTK)

New York State Teachers Retirement System boosted its holdings in shares of Shutterstock, Inc. (NYSE:SSTKGet Rating) by 1.4% in the third quarter, Holdings Channel.com reports. The fund owned 14,959 shares of the business services provider’s stock after acquiring an additional 200 shares during the quarter. New York State Teachers Retirement System’s holdings in Shutterstock were worth $750,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Raymond James & Associates raised its position in shares of Shutterstock by 548.7% in the 1st quarter. Raymond James & Associates now owns 25,604 shares of the business services provider’s stock worth $2,383,000 after acquiring an additional 21,657 shares in the last quarter. US Bancorp DE boosted its stake in shares of Shutterstock by 72.6% in the first quarter. US Bancorp DE now owns 2,196 shares of the business services provider’s stock worth $204,000 after buying an additional 924 shares during the last quarter. Citigroup Inc. boosted its stake in shares of Shutterstock by 3.7% in the first quarter. Citigroup Inc. now owns 22,398 shares of the business services provider’s stock worth $2,085,000 after buying an additional 804 shares during the last quarter. Bank of Montreal Can boosted its position in Shutterstock by 8.8% during the first quarter. Bank of Montreal Can now owns 8,074 shares of the business services provider’s stock worth $793,000 after purchasing an additional 653 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its position in Shutterstock by 58.0% during the first quarter. MetLife Investment Management LLC now owns 12,600 shares of the business services provider’s stock worth $1,173,000 after purchasing an additional 4,625 shares in the last quarter. Hedge funds and other institutional investors own 70.01% of the company’s stock.

Shutterstock Price Performance

Shares of Shutterstock stock opened at $61.02 on Friday. Shutterstock, Inc. has a 1 year low of $44.61 and a 1 year high of $98.74. The company has a market capitalization of $2.19 billion, a P/E ratio of 26.19, a P/E/G ratio of 6.85 and a beta of 1.06. The business has a 50 day moving average price of $53.66 and a 200 day moving average price of $54.58.

Shutterstock (NYSE:SSTKGet Rating) last released its quarterly earnings data on Tuesday, October 25th. The business services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.04. Shutterstock had a return on equity of 24.11% and a net margin of 10.53%. The business had revenue of $204.10 million during the quarter, compared to the consensus estimate of $210.48 million. As a group, research analysts expect that Shutterstock, Inc. will post 3.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SSTK. Truist Financial reduced their target price on Shutterstock from $100.00 to $80.00 and set a “buy” rating for the company in a report on Monday, October 24th. StockNews.com started coverage on Shutterstock in a research report on Wednesday, October 12th. They issued a “buy” rating for the company. TheStreet upgraded Shutterstock from a “c+” rating to a “b-” rating in a research report on Tuesday. Morgan Stanley lowered their price target on Shutterstock from $54.00 to $47.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 25th. Finally, JMP Securities lowered Shutterstock from an “outperform” rating to a “market perform” rating in a report on Monday, November 28th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average 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.

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Institutional Ownership by Quarter for Shutterstock (NYSE:SSTK)

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