Shutterstock (NYSE:SSTK) Shares Down 5.5% After Insider Selling

Shutterstock, Inc. (NYSE:SSTK)’s stock price dropped 5.5% during trading on Friday after an insider sold shares in the company. The company traded as low as $39.45 and last traded at $39.45. Approximately 287,459 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 493,640 shares. The stock had previously closed at $41.75.

Specifically, insider John Caine sold 5,439 shares of Shutterstock stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $42.91, for a total value of $233,387.49. Following the transaction, the insider now directly owns 1,974 shares in the company, valued at approximately $84,704.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 12,853 shares of company stock worth $575,630. 32.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. StockNews.com cut shares of Shutterstock from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 29th. 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 price objective for the company. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Shutterstock in a research note on Thursday. Finally, Truist Financial reduced their target price on Shutterstock from $85.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, February 22nd. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $62.50.

Shutterstock Trading Down 6.0 %

The business has a fifty day moving average price of $45.32 and a two-hundred day moving average price of $45.05. The company has a market cap of $1.39 billion, a price-to-earnings ratio of 12.95 and a beta of 1.13.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Wednesday, February 21st. The business services provider reported $0.46 EPS for the quarter, beating 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 firm had revenue of $217.22 million for the quarter, compared to the consensus estimate of $224.04 million. On average, analysts anticipate that Shutterstock, Inc. will post 3.13 EPS for the current year.

Shutterstock Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 30th will be issued a dividend of $0.30 per share. The ex-dividend date is Thursday, May 30th. This represents a $1.20 annualized dividend and a dividend yield of 3.06%. Shutterstock’s dividend payout ratio is 39.60%.

Institutional Trading of Shutterstock

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Shutterstock by 0.5% in 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 acquiring an additional 14,197 shares during the last quarter. Copeland Capital Management LLC raised its stake in shares of Shutterstock by 37.3% in the 4th quarter. Copeland Capital Management LLC now owns 1,394,278 shares of the business services provider’s stock valued at $67,316,000 after acquiring an additional 378,450 shares in the last quarter. LSV Asset Management lifted its holdings in Shutterstock by 46.3% in the 4th quarter. LSV Asset Management now owns 1,370,843 shares of the business services provider’s stock worth $66,184,000 after purchasing an additional 433,906 shares during the last quarter. Trigran Investments Inc. boosted its position in Shutterstock by 15.5% during the fourth quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock worth $58,647,000 after purchasing an additional 163,268 shares during the period. Finally, Wellington Management Group LLP grew its holdings in Shutterstock by 32.9% during the third quarter. Wellington Management Group LLP now owns 944,543 shares of the business services provider’s stock valued at $35,940,000 after purchasing an additional 234,030 shares during the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

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.