Wellington Management Group LLP reduced its stake in Shutterstock, Inc. (NYSE:SSTK – Free Report) by 35.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 511,490 shares of the business services provider’s stock after selling 278,045 shares during the period. Wellington Management Group LLP’s holdings in Shutterstock were worth $37,134,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Shutterstock by 1.3% during the 3rd quarter. BlackRock Inc. now owns 3,854,562 shares of the business services provider’s stock valued at $193,384,000 after acquiring an additional 49,536 shares during the last quarter. Vanguard Group Inc. increased its holdings in Shutterstock by 3.2% during the 3rd quarter. Vanguard Group Inc. now owns 2,927,585 shares of the business services provider’s stock worth $146,877,000 after purchasing an additional 90,342 shares in the last quarter. Macquarie Group Ltd. increased its holdings in Shutterstock by 3.7% during the 4th quarter. Macquarie Group Ltd. now owns 1,364,115 shares of the business services provider’s stock worth $71,916,000 after purchasing an additional 48,088 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Shutterstock by 1.7% during the 1st quarter. Renaissance Technologies LLC now owns 909,501 shares of the business services provider’s stock worth $84,656,000 after purchasing an additional 15,000 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Shutterstock by 6.8% during the 2nd quarter. State Street Corp now owns 873,576 shares of the business services provider’s stock worth $50,065,000 after buying an additional 55,494 shares during the last quarter. 81.68% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Shutterstock
In other Shutterstock news, Chairman Jonathan Oringer sold 130,465 shares of Shutterstock stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $53.26, for a total value of $6,948,565.90. Following the completion of the sale, the chairman now directly owns 11,099,354 shares of the company’s stock, valued at $591,151,594.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders sold 169,785 shares of company stock valued at $8,916,878. Corporate insiders own 32.30% of the company’s stock.
Shutterstock Stock Performance
Shutterstock (NYSE:SSTK – Get Free Report) last released its earnings results on Tuesday, August 1st. The business services provider reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.01). The firm had revenue of $208.84 million during the quarter, compared to analyst estimates of $214.46 million. Shutterstock had a net margin of 13.35% and a return on equity of 25.93%. Sell-side analysts forecast that Shutterstock, Inc. will post 2.73 EPS for the current year.
Shutterstock Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Thursday, August 31st will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 2.68%. The ex-dividend date is Wednesday, August 30th. Shutterstock’s dividend payout ratio (DPR) is currently 34.84%.
Analyst Upgrades and Downgrades
A number of equities analysts have recently commented on SSTK shares. Needham & Company LLC reduced their price objective on shares of Shutterstock from $90.00 to $76.00 in a research note on Wednesday, August 2nd. TheStreet downgraded shares of Shutterstock from a “b-” rating to a “c+” rating in a research note on Monday, August 7th. StockNews.com initiated coverage on shares of Shutterstock in a research note on Thursday, August 17th. They set a “hold” rating for the company. Morgan Stanley cut their target price on shares of Shutterstock from $88.00 to $83.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 2nd. Finally, Truist Financial cut their price objective on shares of Shutterstock from $88.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, August 2nd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Shutterstock has a consensus rating of “Hold” and an average price target of $81.33.
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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