Mirae Asset Global Investments Co. Ltd. Buys 1,446 Shares of Shutterstock, Inc. (NYSE:SSTK)

Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Shutterstock, Inc. (NYSE:SSTK) by 3.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 40,243 shares of the business services provider’s stock after purchasing an additional 1,446 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Shutterstock were worth $1,943,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC boosted its position in Shutterstock by 4,728.0% during the fourth quarter. International Assets Investment Management LLC now owns 19,312 shares of the business services provider’s stock valued at $932,000 after purchasing an additional 18,912 shares in the last quarter. Fifth Third Bancorp boosted its position in Shutterstock by 48.7% during the fourth quarter. Fifth Third Bancorp now owns 883 shares of the business services provider’s stock valued at $43,000 after purchasing an additional 289 shares in the last quarter. Copeland Capital Management LLC boosted its position in Shutterstock by 37.3% during the fourth quarter. Copeland Capital Management LLC now owns 1,394,278 shares of the business services provider’s stock valued at $67,316,000 after purchasing an additional 378,450 shares in the last quarter. Raymond James & Associates boosted its position in Shutterstock by 13.6% during the fourth quarter. Raymond James & Associates now owns 62,343 shares of the business services provider’s stock valued at $3,010,000 after purchasing an additional 7,447 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Shutterstock by 0.5% during the third quarter. Vanguard Group Inc. now owns 2,894,111 shares of the business services provider’s stock valued at $110,121,000 after purchasing an additional 14,197 shares in the last quarter. Institutional investors own 82.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SSTK shares. Truist Financial decreased their price target on Shutterstock from $85.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Shutterstock in a research note on Thursday, February 29th. StockNews.com cut Shutterstock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 29th. Finally, Morgan Stanley started coverage on Shutterstock in a research note on Thursday, February 22nd. They issued an “equal weight” rating and a $55.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.50.

Shutterstock Stock Up 0.3 %

Shares of NYSE:SSTK opened at $40.99 on Friday. Shutterstock, Inc. has a 52-week low of $33.80 and a 52-week high of $74.20. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of 13.53 and a beta of 1.09. The business has a 50-day moving average price of $46.16 and a 200-day moving average price of $44.74.

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

Shutterstock Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Thursday, February 29th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.93%. This is a boost from Shutterstock’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Wednesday, February 28th. Shutterstock’s dividend payout ratio (DPR) is presently 39.60%.

Insider Transactions at Shutterstock

In related news, Chairman Jonathan Oringer sold 836 shares of Shutterstock stock in a transaction that occurred on 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 transaction, the chairman now directly owns 11,018,940 shares in the company, valued at $551,718,325.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Chairman Jonathan Oringer sold 836 shares of Shutterstock stock in a transaction that occurred on 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 transaction, the chairman now directly owns 11,018,940 shares in the company, valued at $551,718,325.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Caine sold 1,974 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were 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 disclosure for this sale can be found here. Insiders sold a total of 47,057 shares of company stock worth $2,339,974 over the last three months. 32.30% of the stock is currently owned by insiders.

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.