Rhumbline Advisers Sells 495 Shares of Shutterstock, Inc. (NYSE:SSTK)

Rhumbline Advisers trimmed its holdings in Shutterstock, Inc. (NYSE:SSTK) by 0.6% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 86,763 shares of the business services provider’s stock after selling 495 shares during the quarter. Rhumbline Advisers owned 0.24% of Shutterstock worth $3,358,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SSTK. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Shutterstock in the second quarter worth $759,000. Allspring Global Investments Holdings LLC increased its stake in shares of Shutterstock by 31,733.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after buying an additional 952 shares during the period. 1620 Investment Advisors Inc. purchased a new position in Shutterstock during the 2nd quarter valued at $41,000. Nisa Investment Advisors LLC increased its position in Shutterstock by 69.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock valued at $79,000 after purchasing an additional 838 shares during the period. Finally, J.Safra Asset Management Corp purchased a new position in Shutterstock during the 2nd quarter valued at $348,000. 82.79% of the stock is currently owned by institutional investors.

Shutterstock Trading Up 4.2 %

Shutterstock stock opened at $35.13 on Wednesday. The firm has a 50 day moving average of $37.24 and a 200 day moving average of $40.27. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 13.62 and a beta of 1.09. Shutterstock, Inc. has a 12-month low of $32.38 and a 12-month high of $54.40.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 earnings per share (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 company had revenue of $220.05 million for the quarter, compared to the consensus estimate of $213.44 million. During the same quarter in the previous year, the business earned $0.76 EPS. The company’s quarterly revenue was up 5.4% on a year-over-year basis. On average, analysts predict that Shutterstock, Inc. will post 3.22 EPS for the current year.

Shutterstock Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend was Thursday, August 29th. Shutterstock’s payout ratio is 46.51%.

Analyst Upgrades and Downgrades

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

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.