Comerica Bank increased its position in shares of Shutterstock Inc (NYSE:SSTK) by 5.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 21,426 shares of the business services provider’s stock after buying an additional 1,152 shares during the period. Comerica Bank owned approximately 0.06% of Shutterstock worth $1,089,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently modified their holdings of SSTK. Neuberger Berman Group LLC increased its stake in shares of Shutterstock by 13.1% in the third quarter. Neuberger Berman Group LLC now owns 21,909 shares of the business services provider’s stock valued at $1,396,000 after buying an additional 2,543 shares in the last quarter. Arizona State Retirement System purchased a new position in Shutterstock during the third quarter worth approximately $637,000. Hussman Strategic Advisors Inc. purchased a new position in Shutterstock during the third quarter worth approximately $2,102,000. Wells Fargo & Company MN increased its position in Shutterstock by 27.1% in the third quarter. Wells Fargo & Company MN now owns 775,255 shares of the business services provider’s stock worth $49,383,000 after buying an additional 165,430 shares during the period. Finally, Texas Permanent School Fund purchased a new position in Shutterstock during the third quarter worth approximately $935,000. 58.19% of the stock is currently owned by institutional investors and hedge funds.
Shares of Shutterstock Inc (NYSE:SSTK) traded down 0.28% during mid-day trading on Friday, reaching $42.29. 295,936 shares of the company’s stock traded hands. Shutterstock Inc has a 12 month low of $38.64 and a 12 month high of $65.16. The stock has a market cap of $1.46 billion, a PE ratio of 46.47 and a beta of 1.56. The firm has a 50 day moving average price of $41.50 and a 200-day moving average price of $49.62.
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SSTK has been the topic of a number of recent research reports. Jefferies Group LLC cut their target price on shares of Shutterstock from $55.00 to $50.00 and set a “hold” rating on the stock in a report on Tuesday, February 28th. Zacks Investment Research cut Shutterstock from a “hold” rating to a “sell” rating in a report on Thursday, March 2nd. Cantor Fitzgerald lowered their price target on shares of Shutterstock to $43.00 in a report on Tuesday, February 28th. Finally, Royal Bank of Canada lowered their price target on shares of Shutterstock from $60.00 to $50.00 and set a “sector perform” rating on the stock in a report on Monday, February 27th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $52.20.
In related news, CFO Steven Berns sold 9,559 shares of the business’s stock in a transaction on Monday, March 6th. The shares were sold at an average price of $41.74, for a total transaction of $398,992.66. Following the transaction, the chief financial officer now owns 83,366 shares in the company, valued at approximately $3,479,696.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 46.40% of the stock is currently owned by insiders.
Shutterstock Company Profile
Shutterstock, Inc (Shutterstock) is a global technology company that operates a two-sided marketplace for professionals to license content. The Company’s library of content includes digital imagery, which consists of licensed photographs, vectors, illustrations and video clips that customers use in their visual communications, such as Websites, digital and print marketing materials, corporate communications, books, publications and video content, and commercial music, which consists of music tracks and sound effects and which is often used to complement digital imagery.
