Raymond James & Associates Boosts Stock Holdings in Shutterstock, Inc. (NYSE:SSTK)

Raymond James & Associates boosted its stake in Shutterstock, Inc. (NYSE:SSTK) by 13.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 62,343 shares of the business services provider’s stock after purchasing an additional 7,447 shares during the quarter. Raymond James & Associates owned about 0.17% of Shutterstock worth $3,010,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its stake in Shutterstock by 4.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 276,340 shares of the business services provider’s stock valued at $10,515,000 after buying an additional 11,333 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Shutterstock by 75,482.5% in the third quarter. Federated Hermes Inc. now owns 43,082 shares of the business services provider’s stock valued at $1,639,000 after purchasing an additional 43,025 shares in the last quarter. Hussman Strategic Advisors Inc. increased its position in Shutterstock by 35.5% in the third quarter. Hussman Strategic Advisors Inc. now owns 42,000 shares of the business services provider’s stock worth $1,598,000 after purchasing an additional 11,000 shares during the last quarter. Schroder Investment Management Group purchased a new stake in Shutterstock during the third quarter valued at $7,046,000. Finally, Duality Advisers LP lifted its position in Shutterstock by 95.9% during the third quarter. Duality Advisers LP now owns 42,543 shares of the business services provider’s stock valued at $1,619,000 after purchasing an additional 20,824 shares during the last quarter. Institutional investors own 82.79% of the company’s stock.

Insider Activity at Shutterstock

In other Shutterstock news, Chairman Jonathan Oringer sold 836 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $50.07, for a total value of $41,858.52. Following the transaction, the chairman now directly owns 11,018,940 shares in the company, valued at approximately $551,718,325.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider John Caine sold 1,974 shares of Shutterstock stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $43.30, for a total value of $85,474.20. Following the completion of the sale, the insider now directly owns 7,413 shares in the company, valued at $320,982.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Jonathan Oringer sold 836 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $50.07, for a total transaction of $41,858.52. Following the completion of the sale, the chairman now directly owns 11,018,940 shares of the company’s stock, valued at $551,718,325.80. The disclosure for this sale can be found here. Insiders sold 51,417 shares of company stock worth $2,558,192 in the last 90 days. 32.30% of the stock is owned by corporate insiders.

Shutterstock Price Performance

Shares of NYSE:SSTK opened at $41.60 on Friday. The business has a 50 day simple moving average of $46.46 and a two-hundred day simple moving average of $44.70. Shutterstock, Inc. has a 1 year low of $33.80 and a 1 year high of $75.96. The firm has a market capitalization of $1.48 billion, a PE ratio of 13.73 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings data on Wednesday, February 21st. The business services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.13. Shutterstock had a return on equity of 23.04% and a net margin of 12.61%. The company had revenue of $217.22 million during the quarter, compared to analysts’ expectations of $224.04 million. Equities research analysts expect that Shutterstock, Inc. will post 3.13 EPS for the current fiscal year.

Shutterstock Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Thursday, February 29th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend was Wednesday, February 28th. This is an increase from Shutterstock’s previous quarterly dividend of $0.27. Shutterstock’s dividend payout ratio (DPR) is currently 39.60%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SSTK. Truist Financial reduced their target price on shares of Shutterstock from $85.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. StockNews.com lowered Shutterstock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 29th. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Shutterstock in a research report on Thursday, February 29th. Finally, Morgan Stanley started coverage on Shutterstock in a research report on Thursday, February 22nd. They issued an “equal weight” rating and a $55.00 price target for the company. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $62.50.

Shutterstock Profile

Shutterstock, Inc provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company 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 in 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.