Shutterstock, Inc. (NYSE:SSTK) Position Reduced by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its stake in Shutterstock, Inc. (NYSE:SSTK) by 33.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 254,901 shares of the business services provider’s stock after selling 130,400 shares during the period. Renaissance Technologies LLC’s holdings in Shutterstock were worth $9,865,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Truvestments Capital LLC bought a new stake in Shutterstock in the first quarter valued at about $42,000. Allspring Global Investments Holdings LLC grew its position in shares of Shutterstock by 31,733.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after acquiring an additional 952 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in shares of Shutterstock in the 2nd quarter valued at approximately $41,000. Nisa Investment Advisors LLC raised its position in shares of 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 acquiring an additional 838 shares in the last quarter. Finally, BOKF NA acquired a new position in Shutterstock in the first quarter worth $139,000. Institutional investors and hedge funds own 82.79% of the company’s stock.

Shutterstock Stock Performance

Shutterstock stock opened at $35.49 on Tuesday. Shutterstock, Inc. has a one year low of $32.38 and a one year high of $54.40. The company has a 50-day simple moving average of $36.98 and a 200-day simple moving average of $39.85. The firm has a market capitalization of $1.27 billion, a P/E ratio of 13.75 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results 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). The firm had revenue of $220.05 million during the quarter, compared to analyst estimates of $213.44 million. Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. Shutterstock’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.76 EPS. As a group, sell-side analysts forecast that Shutterstock, Inc. will post 3.22 earnings per share for the current year.

Shutterstock Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th were given a dividend of $0.30 per share. The ex-dividend date was Thursday, August 29th. This represents a $1.20 dividend on an annualized basis and a yield of 3.38%. Shutterstock’s dividend payout ratio (DPR) is presently 46.51%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. StockNews.com cut shares of Shutterstock from a “buy” rating to a “hold” rating in a report on Sunday. Morgan Stanley raised their target price on shares of Shutterstock from $55.00 to $58.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Needham & Company LLC restated a “buy” rating and issued a $65.00 target price on shares of Shutterstock in a research note on Tuesday, August 6th.

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.