Millennium Management LLC Has $9.09 Million Holdings in Shutterstock, Inc. (NYSE:SSTK)

Millennium Management LLC increased its position in shares of Shutterstock, Inc. (NYSE:SSTK) by 77.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 299,412 shares of the business services provider’s stock after buying an additional 130,831 shares during the period. Millennium Management LLC owned 0.86% of Shutterstock worth $9,087,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Amundi increased its stake in shares of Shutterstock by 26.2% during the 4th quarter. Amundi now owns 2,350 shares of the business services provider’s stock worth $71,000 after purchasing an additional 488 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Shutterstock by 167.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider’s stock worth $76,000 after buying an additional 1,565 shares during the last quarter. R Squared Ltd acquired a new position in Shutterstock during the fourth quarter worth approximately $108,000. Palouse Capital Management Inc. raised its stake in Shutterstock by 13.7% in the fourth quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock valued at $132,000 after buying an additional 525 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Shutterstock in the fourth quarter valued at approximately $134,000. 82.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SSTK has been the topic of a number of recent analyst reports. Truist Financial lowered Shutterstock from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. JMP Securities reissued a “market perform” rating on shares of Shutterstock in a research report on Monday, May 5th. Needham & Company LLC cut their target price on shares of Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, March 7th. Finally, Wall Street Zen assumed coverage on shares of Shutterstock in a research note on Wednesday, May 21st. They issued a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $45.33.

Shutterstock Stock Performance

Shares of NYSE SSTK opened at $18.02 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The firm has a market cap of $635.28 million, a price-to-earnings ratio of 17.67 and a beta of 1.10. The stock’s fifty day moving average price is $17.33 and its two-hundred day moving average price is $24.79. Shutterstock, Inc. has a one year low of $14.35 and a one year high of $46.10.

Shutterstock (NYSE:SSTK) last released its quarterly earnings results on Friday, May 2nd. The business services provider reported $1.03 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.23). Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business had revenue of $242.62 million during the quarter, compared to analyst estimates of $249.44 million. During the same quarter last year, the company posted $1.13 earnings per share. The company’s revenue was up 13.2% on a year-over-year basis. On average, equities analysts forecast that Shutterstock, Inc. will post 3.12 EPS for the current year.

Shutterstock Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Thursday, June 5th will be given a $0.33 dividend. The ex-dividend date is Thursday, June 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.33%. Shutterstock’s payout ratio is 121.10%.

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.