Nisa Investment Advisors LLC Acquires 890 Shares of Shutterstock, Inc. (NYSE:SSTK)

Nisa Investment Advisors LLC grew its holdings in shares of Shutterstock, Inc. (NYSE:SSTK) by 317.9% during the fourth quarter, Holdings Channel reports. The firm owned 1,170 shares of the business services provider’s stock after purchasing an additional 890 shares during the period. Nisa Investment Advisors LLC’s holdings in Shutterstock were worth $56,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Shutterstock by 4.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 276,340 shares of the business services provider’s stock valued at $10,515,000 after purchasing an additional 11,333 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Shutterstock by 75,482.5% during the 3rd 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. raised its holdings in shares of Shutterstock by 35.5% during the 3rd quarter. Hussman Strategic Advisors Inc. now owns 42,000 shares of the business services provider’s stock valued at $1,598,000 after purchasing an additional 11,000 shares in the last quarter. Schroder Investment Management Group bought a new position in shares of Shutterstock during the 3rd quarter valued at $7,046,000. Finally, Raymond James & Associates raised its holdings in shares of Shutterstock by 13.6% during the 4th 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. Institutional investors own 82.79% of the company’s stock.

Insider Transactions at Shutterstock

In other news, insider John Caine sold 5,440 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $47.20, for a total transaction of $256,768.00. Following the completion of the transaction, the insider now directly owns 5,439 shares of the company’s stock, valued at approximately $256,720.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Chairman Jonathan Oringer sold 836 shares of Shutterstock stock in a transaction dated Wednesday, January 24th. The shares were 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 of the company’s stock, valued at approximately $551,718,325.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Caine sold 5,440 shares of Shutterstock stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $47.20, for a total transaction of $256,768.00. Following the transaction, the insider now directly owns 5,439 shares of the company’s stock, valued at $256,720.80. The disclosure for this sale can be found here. In the last three months, insiders sold 8,250 shares of company stock valued at $384,101. Company insiders own 32.30% of the company’s stock.

Analysts Set New Price Targets

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

Shutterstock Price Performance

NYSE SSTK opened at $40.99 on Monday. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of 13.53 and a beta of 1.09. The company’s fifty day moving average is $46.06 and its two-hundred day moving average is $44.86. Shutterstock, Inc. has a 52-week low of $33.80 and a 52-week high of $74.20.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results 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. The company had revenue of $217.22 million for the quarter, compared to analyst estimates of $224.04 million. Shutterstock had a net margin of 12.61% and a return on equity of 23.04%. As a group, sell-side analysts expect that Shutterstock, Inc. will post 3.13 earnings per share for the current fiscal year.

Shutterstock Increases Dividend

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

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.