Shell Asset Management Co. Trims Stake in Shutterstock, Inc. (NYSE:SSTK)

Shell Asset Management Co. lowered its holdings in Shutterstock, Inc. (NYSE:SSTK – Get Rating) by 16.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,667 shares of the business services provider’s stock after selling 743 shares during the period. Shell Asset Management Co.’s holdings in Shutterstock were worth $193,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SSTK. Raymond James & Associates grew its stake in shares of Shutterstock by 548.7% in the first quarter. Raymond James & Associates now owns 25,604 shares of the business services provider’s stock valued at $2,383,000 after buying an additional 21,657 shares in the last quarter. US Bancorp DE grew 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 valued at $204,000 after buying an additional 924 shares in the last quarter. Citigroup Inc. grew 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 valued at $2,085,000 after buying an additional 804 shares in the last quarter. Bank of Montreal Can grew its stake in shares of Shutterstock by 8.8% in the first quarter. Bank of Montreal Can now owns 8,074 shares of the business services provider’s stock valued at $793,000 after buying an additional 653 shares in the last quarter. Finally, MetLife Investment Management LLC grew its stake in shares of Shutterstock by 58.0% in the first quarter. MetLife Investment Management LLC now owns 12,600 shares of the business services provider’s stock valued at $1,173,000 after buying an additional 4,625 shares in the last quarter. Hedge funds and other institutional investors own 70.01% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on SSTK. StockNews.com began coverage on Shutterstock in a research note on Thursday, March 16th. They set a “buy” rating for the company. Morgan Stanley boosted their target price on Shutterstock from $47.00 to $84.00 and gave the stock an “equal weight” rating in a research note on Friday, February 10th. TheStreet raised Shutterstock from a “c+” rating to a “b-” rating in a research report on Tuesday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $90.00 price objective on shares of Shutterstock in a research report on Monday, March 6th. Finally, Truist Financial upped their price objective on Shutterstock from $86.00 to $88.00 in a research report on Wednesday, April 26th. Two equities 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 an average price target of $96.75.

Shutterstock Stock Performance

Shutterstock stock opened at $54.74 on Thursday. Shutterstock, Inc. has a fifty-two week low of $44.61 and a fifty-two week high of $81.23. The company has a market capitalization of $1.97 billion, a P/E ratio of 24.22, a PEG ratio of 2.96 and a beta of 1.20. The stock has a 50-day simple moving average of $68.87 and a 200-day simple moving average of $62.51.

Shutterstock (NYSE:SSTK – Get Rating) last posted its earnings results on Thursday, February 9th. The business services provider reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.10). Shutterstock had a net margin of 9.76% and a return on equity of 26.63%. The firm had revenue of $217.73 million during the quarter, compared to analysts’ expectations of $204.87 million. As a group, analysts forecast that Shutterstock, Inc. will post 3.08 earnings per share for the current year.

Shutterstock Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Wednesday, May 31st. Shutterstock’s dividend payout ratio is presently 47.79%.

Insider Buying and Selling at Shutterstock

In other Shutterstock news, Chairman Jonathan Oringer sold 52,835 shares of the company’s stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $76.55, for a total transaction of $4,044,519.25. Following the completion of the sale, the chairman now directly owns 11,475,823 shares of the company’s stock, valued at approximately $878,474,250.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Jarrod Yahes sold 7,000 shares of the stock in a transaction that occurred on Tuesday, February 14th. The stock was sold at an average price of $77.51, for a total transaction of $542,570.00. Following the completion of the transaction, the chief financial officer now directly owns 21,341 shares of the company’s stock, valued at approximately $1,654,140.91. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Jonathan Oringer sold 52,835 shares of the stock in a transaction on Monday, March 6th. The shares were sold at an average price of $76.55, for a total value of $4,044,519.25. Following the sale, the chairman now owns 11,475,823 shares in the company, valued at approximately $878,474,250.65. The disclosure for this sale can be found here. Insiders sold a total of 79,535 shares of company stock valued at $6,084,010 in the last ninety days. Insiders own 35.50% of the company’s stock.

Shutterstock Company Profile

(Get Rating)

Shutterstock, Inc engages in the provision of a global creative platform for transformative brands and media companies. Its content types include image, footage, music, and editorial. The company was founded by Jonathan Evan Oringer in 2003 and is headquartered in New York, NY.