Sumitomo Mitsui Trust Holdings Inc. Sells 400 Shares of Shutterstock, Inc. (NYSE:SSTK)

Sumitomo Mitsui Trust Holdings Inc. reduced its stake in Shutterstock, Inc. (NYSE:SSTK) by 3.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 9,987 shares of the business services provider’s stock after selling 400 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Shutterstock were worth $482,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Louisiana State Employees Retirement System purchased a new stake in shares of Shutterstock in the 4th quarter worth approximately $579,000. Mutual of America Capital Management LLC purchased a new stake in shares of Shutterstock in the 4th quarter worth approximately $202,000. International Assets Investment Management LLC lifted its position in shares of Shutterstock by 4,728.0% in the 4th quarter. International Assets Investment Management LLC now owns 19,312 shares of the business services provider’s stock worth $932,000 after purchasing an additional 18,912 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of Shutterstock by 317.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,170 shares of the business services provider’s stock worth $56,000 after purchasing an additional 890 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Shutterstock by 3.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,243 shares of the business services provider’s stock worth $1,943,000 after purchasing an additional 1,446 shares during the period. 82.79% of the stock is currently owned by institutional investors.

Insider Transactions at Shutterstock

In other news, insider John Caine sold 5,440 shares of Shutterstock stock in a transaction on 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 sale, the insider now directly owns 5,439 shares in the company, valued at $256,720.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 32.30% of the company’s stock.

Shutterstock Stock Down 1.4 %

NYSE:SSTK opened at $42.17 on Friday. Shutterstock, Inc. has a 52 week low of $33.80 and a 52 week high of $70.50. The firm has a 50 day moving average of $45.70 and a 200 day moving average of $44.90. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 13.92 and a beta of 1.09.

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 analysts’ consensus estimates of $0.33 by $0.13. Shutterstock had a net margin of 12.61% and a return on equity of 23.04%. The business had revenue of $217.22 million during the quarter, compared to analysts’ expectations of $224.04 million. As a group, analysts expect that Shutterstock, Inc. will post 3.13 EPS for the current year.

Shutterstock Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.20 annualized dividend and a dividend yield of 2.85%. Shutterstock’s payout ratio is currently 39.60%.

Wall Street Analysts Forecast Growth

SSTK has been the subject of several research reports. Truist Financial lowered their price target on shares of Shutterstock from $85.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. 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. Morgan Stanley began coverage on shares of Shutterstock in a research report on Thursday, February 22nd. They set an “equal weight” rating and a $55.00 target price for the company. Finally, StockNews.com cut shares of Shutterstock from a “strong-buy” rating to a “hold” rating in a research report 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 data from MarketBeat.com, Shutterstock has a consensus rating of “Moderate Buy” and an average target price of $62.50.

Shutterstock Company 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.