Vanguard Group Inc. Sells 15,874 Shares of Shutterstock, Inc. (NYSE:SSTK)

Vanguard Group Inc. reduced its holdings in Shutterstock, Inc. (NYSE:SSTK) by 0.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,878,237 shares of the business services provider’s stock after selling 15,874 shares during the quarter. Vanguard Group Inc. owned about 8.10% of Shutterstock worth $138,961,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in SSTK. Deutsche Bank AG boosted its holdings in Shutterstock by 9.6% in the third quarter. Deutsche Bank AG now owns 12,542 shares of the business services provider’s stock valued at $477,000 after acquiring an additional 1,101 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Shutterstock by 47.4% during the third quarter. PNC Financial Services Group Inc. now owns 2,965 shares of the business services provider’s stock valued at $113,000 after buying an additional 954 shares during the period. Envestnet Asset Management Inc. raised its stake in Shutterstock by 30.1% in the third quarter. Envestnet Asset Management Inc. now owns 102,717 shares of the business services provider’s stock worth $3,908,000 after buying an additional 23,750 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its holdings in Shutterstock by 33.7% in the third quarter. Schonfeld Strategic Advisors LLC now owns 87,189 shares of the business services provider’s stock worth $3,318,000 after buying an additional 21,989 shares during the period. Finally, Quadrature Capital Ltd lifted its holdings in Shutterstock by 9.0% in the third quarter. Quadrature Capital Ltd now owns 20,085 shares of the business services provider’s stock worth $765,000 after buying an additional 1,663 shares during the period. 82.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Jarrod Yahes purchased 5,350 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were purchased at an average price of $37.35 per share, for a total transaction of $199,822.50. Following the completion of the acquisition, the chief financial officer now directly owns 43,904 shares in the company, valued at approximately $1,639,814.40. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Shutterstock news, insider John Caine sold 5,439 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $42.91, for a total transaction of $233,387.49. Following the transaction, the insider now owns 1,974 shares in the company, valued at approximately $84,704.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jarrod Yahes purchased 5,350 shares of Shutterstock stock in a transaction dated Friday, May 24th. The stock was bought at an average price of $37.35 per share, with a total value of $199,822.50. Following the completion of the purchase, the chief financial officer now directly owns 43,904 shares of the company’s stock, valued at $1,639,814.40. The disclosure for this purchase can be found here. Corporate insiders own 32.00% of the company’s stock.

Shutterstock Stock Performance

SSTK stock opened at $35.64 on Friday. The firm has a 50 day moving average price of $39.51 and a 200-day moving average price of $44.18. Shutterstock, Inc. has a 52-week low of $33.80 and a 52-week high of $58.42. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of 13.81 and a beta of 1.12.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Thursday, May 2nd. The business services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.16. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. The business had revenue of $214.32 million during the quarter, compared to analysts’ expectations of $211.03 million. As a group, sell-side analysts forecast that Shutterstock, Inc. will post 3.38 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Thursday, May 30th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $1.20 dividend on an annualized basis and a yield of 3.37%. Shutterstock’s dividend payout ratio is currently 46.51%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SSTK shares. Truist Financial decreased their target price on Shutterstock from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, May 6th. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price objective on shares of Shutterstock in a report on Tuesday, May 14th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Shutterstock presently has a consensus rating of “Moderate Buy” and an average price target of $62.50.

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.