Shutterstock, Inc. (NYSE:SSTK) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC reduced its position in Shutterstock, Inc. (NYSE:SSTK) by 33.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,224 shares of the business services provider’s stock after selling 28,727 shares during the quarter. ProShare Advisors LLC owned about 0.16% of Shutterstock worth $4,154,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. BlackRock Inc. raised its stake in shares of Shutterstock by 14.3% during the first quarter. BlackRock Inc. now owns 4,600,660 shares of the business services provider’s stock worth $334,008,000 after purchasing an additional 574,188 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Shutterstock by 3.2% during the third 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 during the last quarter. Wellington Management Group LLP raised its stake in shares of Shutterstock by 6.9% during the first quarter. Wellington Management Group LLP now owns 2,132,514 shares of the business services provider’s stock worth $198,495,000 after purchasing an additional 138,474 shares during the last quarter. Macquarie Group Ltd. raised its position in Shutterstock by 18.6% in the first quarter. Macquarie Group Ltd. now owns 1,617,721 shares of the business services provider’s stock worth $117,447,000 after acquiring an additional 253,606 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in Shutterstock by 11.6% in the first quarter. Renaissance Technologies LLC now owns 933,401 shares of the business services provider’s stock worth $67,765,000 after acquiring an additional 96,800 shares in the last quarter. 81.68% of the stock is owned by institutional investors and hedge funds.

Shutterstock Stock Down 1.8 %

Shares of SSTK stock opened at $40.09 on Tuesday. Shutterstock, Inc. has a fifty-two week low of $38.83 and a fifty-two week high of $81.23. The stock has a market cap of $1.45 billion, a P/E ratio of 12.93 and a beta of 1.18. The business has a fifty day simple moving average of $45.58 and a 200-day simple moving average of $54.84.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings data on Tuesday, August 1st. The business services provider reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.01). The company had revenue of $208.84 million for 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%. On average, sell-side analysts anticipate that Shutterstock, Inc. will post 2.73 earnings per share for the current year.

Shutterstock Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 14th. Investors of record on Thursday, August 31st were paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date was Wednesday, August 30th. Shutterstock’s payout ratio is currently 34.84%.

Insider Activity at Shutterstock

In related news, Chairman Jonathan Oringer sold 130,465 shares of the stock in a transaction on Tuesday, July 11th. The stock was sold at an average price of $53.26, for a total transaction of $6,948,565.90. Following the sale, the chairman now owns 11,099,354 shares of the company’s stock, valued at $591,151,594.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 169,785 shares of company stock valued at $8,916,878 over the last quarter. Insiders own 32.30% of the company’s stock.

Analyst Upgrades and Downgrades

SSTK has been the subject of several research analyst reports. Needham & Company LLC cut their price objective on Shutterstock from $90.00 to $76.00 in a research report on Wednesday, August 2nd. Morgan Stanley cut their price objective on Shutterstock from $88.00 to $83.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 2nd. TheStreet cut Shutterstock from a “b-” rating to a “c+” rating in a research report on Monday, August 7th. StockNews.com assumed coverage on Shutterstock in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Truist Financial restated a “buy” rating and issued a $85.00 price target on shares of Shutterstock in a research report on Wednesday, September 13th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $81.33.

Shutterstock 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.