Raymond James & Associates Lowers Stake in Shutterstock, Inc. (NYSE:SSTK)

Raymond James & Associates cut its position in Shutterstock, Inc. (NYSE:SSTK) by 50.4% in the second quarter, HoldingsChannel.com reports. The firm owned 34,436 shares of the business services provider’s stock after selling 34,935 shares during the quarter. Raymond James & Associates’ holdings in Shutterstock were worth $1,333,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Shutterstock by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 2,926,166 shares of the business services provider’s stock worth $134,048,000 after buying an additional 47,929 shares during the period. LSV Asset Management boosted its stake in shares of Shutterstock by 30.9% in the first quarter. LSV Asset Management now owns 1,793,785 shares of the business services provider’s stock worth $82,173,000 after acquiring an additional 422,942 shares during the period. TD Asset Management Inc grew its position in shares of Shutterstock by 74.1% during the first quarter. TD Asset Management Inc now owns 1,578,386 shares of the business services provider’s stock worth $72,306,000 after purchasing an additional 671,995 shares in the last quarter. Trigran Investments Inc. raised its stake in Shutterstock by 15.5% during the 4th quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock valued at $58,647,000 after purchasing an additional 163,268 shares during the period. Finally, Epoch Investment Partners Inc. lifted its holdings in Shutterstock by 68.8% in the 1st quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock worth $40,503,000 after purchasing an additional 360,415 shares in the last quarter. 82.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SSTK shares. StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a report on Wednesday. Morgan Stanley lifted their price target on shares of Shutterstock from $55.00 to $58.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $65.00 price objective on shares of Shutterstock in a report on Tuesday, August 6th.

Shutterstock Stock Performance

NYSE SSTK opened at $34.74 on Friday. The stock has a 50 day moving average price of $37.70 and a 200-day moving average price of $41.11. Shutterstock, Inc. has a one year low of $32.72 and a one year high of $54.40. The company has a market capitalization of $1.23 billion, a P/E ratio of 13.47 and a beta of 1.10.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.01). Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The business had revenue of $220.05 million for the quarter, compared to the consensus estimate of $213.44 million. During the same quarter last year, the business earned $0.76 EPS. Shutterstock’s revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, equities analysts predict that Shutterstock, Inc. will post 3.22 EPS for the current fiscal year.

Shutterstock Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th will be paid a dividend of $0.30 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.20 annualized dividend and a yield of 3.45%. Shutterstock’s payout ratio is currently 46.51%.

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.