Russell Investments Group Ltd. Purchases 15,153 Shares of Shutterstock, Inc. (NYSE:SSTK)

Russell Investments Group Ltd. increased its holdings in Shutterstock, Inc. (NYSE:SSTK) by 10.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 160,367 shares of the business services provider’s stock after purchasing an additional 15,153 shares during the period. Russell Investments Group Ltd.’s holdings in Shutterstock were worth $7,743,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Fifth Third Bancorp grew its stake in Shutterstock by 48.7% during the fourth quarter. Fifth Third Bancorp now owns 883 shares of the business services provider’s stock worth $43,000 after buying an additional 289 shares during the last quarter. Nisa Investment Advisors LLC grew its position in Shutterstock by 317.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,170 shares of the business services provider’s stock worth $56,000 after acquiring an additional 890 shares during the last quarter. Covestor Ltd increased its holdings in Shutterstock by 77.2% during the 3rd quarter. Covestor Ltd now owns 2,327 shares of the business services provider’s stock valued at $88,000 after purchasing an additional 1,014 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Shutterstock by 47.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,965 shares of the business services provider’s stock valued at $113,000 after purchasing an additional 954 shares during the last quarter. Finally, Mutual of America Capital Management LLC acquired a new position in Shutterstock in the fourth quarter worth $202,000. Institutional investors own 82.79% of the company’s stock.

Analyst Upgrades and Downgrades

SSTK has been the topic of several research reports. Truist Financial reduced their price target on shares of Shutterstock from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday. Morgan Stanley began coverage on shares of Shutterstock in a research note on Thursday, February 22nd. They set an “equal weight” rating and a $55.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Shutterstock in a research report on Thursday, May 2nd. Finally, StockNews.com lowered Shutterstock from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 29th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Shutterstock presently has an average rating of “Moderate Buy” and a consensus target price of $61.25.

Shutterstock Price Performance

SSTK opened at $39.30 on Wednesday. Shutterstock, Inc. has a fifty-two week low of $33.80 and a fifty-two week high of $58.42. The company has a market cap of $1.41 billion, a price-to-earnings ratio of 15.23 and a beta of 1.13. The firm has a 50 day simple moving average of $45.03 and a 200 day simple moving average of $45.19.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.13. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. The company had revenue of $217.22 million for the quarter, compared to the consensus estimate of $224.04 million. As a group, analysts expect that Shutterstock, Inc. will post 3.13 EPS for the current year.

Shutterstock Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 30th will be given a $0.30 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.05%. Shutterstock’s dividend payout ratio is 46.51%.

Insider Activity at Shutterstock

In other news, insider John Caine sold 5,439 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $42.91, for a total value of $233,387.49. Following the completion of the transaction, the insider now owns 1,974 shares of the company’s stock, valued at approximately $84,704.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 32.30% of the company’s stock.

About Shutterstock

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.