TD Asset Management Inc boosted its stake in Shutterstock, Inc. (NYSE:SSTK – Free Report) by 7.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 155,711 shares of the business services provider’s stock after purchasing an additional 10,900 shares during the quarter. TD Asset Management Inc’s holdings in Shutterstock were worth $7,578,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Arizona State Retirement System raised its stake in Shutterstock by 2.3% in the first quarter. Arizona State Retirement System now owns 7,264 shares of the business services provider’s stock valued at $527,000 after purchasing an additional 160 shares in the last quarter. Covestor Ltd grew its position in Shutterstock by 88.6% during the first quarter. Covestor Ltd now owns 349 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 164 shares during the last quarter. Marshall Wace LLP grew its position in Shutterstock by 2.1% during the fourth quarter. Marshall Wace LLP now owns 8,100 shares of the business services provider’s stock valued at $427,000 after acquiring an additional 169 shares during the last quarter. Neuberger Berman Group LLC grew its position in Shutterstock by 6.8% during the first quarter. Neuberger Berman Group LLC now owns 3,208 shares of the business services provider’s stock valued at $298,000 after acquiring an additional 204 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Shutterstock by 9.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,505 shares of the business services provider’s stock valued at $132,000 after acquiring an additional 207 shares during the last quarter. 81.68% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on SSTK shares. Needham & Company LLC reduced their price target on shares of Shutterstock from $76.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, November 1st. Redburn Atlantic reduced their price target on shares of Shutterstock from $84.00 to $65.00 in a research report on Tuesday, October 3rd. StockNews.com upgraded shares of Shutterstock from a “hold” rating to a “buy” rating in a research report on Wednesday, November 1st. TheStreet cut shares of Shutterstock from a “b-” rating to a “c+” rating in a research report on Monday, August 7th. Finally, Truist Financial restated a “buy” rating and issued a $85.00 target price on shares of Shutterstock in a report on Wednesday, September 13th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $66.25.
Shutterstock Stock Performance
Shares of Shutterstock stock opened at $45.83 on Tuesday. Shutterstock, Inc. has a 52-week low of $33.80 and a 52-week high of $81.23. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 14.10 and a beta of 1.10. The company’s 50 day moving average price is $38.96 and its 200-day moving average price is $44.92.
Shutterstock (NYSE:SSTK – Get Free Report) last issued its earnings results on Tuesday, October 31st. The business services provider reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.51. The firm had revenue of $233.25 million for the quarter, compared to analysts’ expectations of $212.94 million. Shutterstock had a net margin of 13.52% and a return on equity of 25.89%. As a group, equities research analysts forecast that Shutterstock, Inc. will post 3.07 earnings per share for the current fiscal year.
Shutterstock Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Thursday, November 30th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 2.36%. The ex-dividend date is Wednesday, November 29th. Shutterstock’s dividend payout ratio (DPR) is currently 33.23%.
Shutterstock, Inc, a technology company, provides quality content, and creative workflow solutions in North America, Europe, and internationally. It 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, and 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.
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