State Street Corp boosted its stake in shares of Shutterstock, Inc. (NYSE:SSTK) by 6.7% during the first quarter, Holdings Channel reports. The firm owned 433,507 shares of the business services provider’s stock after buying an additional 27,068 shares during the period. State Street Corp’s holdings in Shutterstock were worth $17,926,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of SSTK. LS Investment Advisors LLC boosted its stake in shares of Shutterstock by 250.0% in the first quarter. LS Investment Advisors LLC now owns 2,583 shares of the business services provider’s stock valued at $107,000 after buying an additional 1,845 shares during the period. Municipal Employees Retirement System of Michigan boosted its stake in shares of Shutterstock by 2.6% in the first quarter. Municipal Employees Retirement System of Michigan now owns 4,410 shares of the business services provider’s stock valued at $182,000 after buying an additional 110 shares during the period. Mason Street Advisors LLC boosted its stake in shares of Shutterstock by 5.1% in the first quarter. Mason Street Advisors LLC now owns 4,438 shares of the business services provider’s stock valued at $184,000 after buying an additional 216 shares during the period. Fox Run Management L.L.C. boosted its stake in shares of Shutterstock by 28.7% in the first quarter. Fox Run Management L.L.C. now owns 6,563 shares of the business services provider’s stock valued at $271,000 after buying an additional 1,463 shares during the period. Finally, Laurion Capital Management LP purchased a new stake in shares of Shutterstock during the first quarter valued at $355,000. 61.99% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Shutterstock, Inc. (SSTK) traded up 0.18% during trading on Wednesday, reaching $33.84. 19,818 shares of the company’s stock traded hands. The stock has a market capitalization of $1.17 billion, a PE ratio of 41.67 and a beta of 1.40. The company has a 50 day moving average price of $40.96 and a 200 day moving average price of $44.17. Shutterstock, Inc. has a 1-year low of $32.50 and a 1-year high of $65.16.

Shutterstock (NYSE:SSTK) last announced its earnings results on Wednesday, August 2nd. The business services provider reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.12. Shutterstock had a net margin of 5.59% and a return on equity of 11.08%. The business had revenue of $134 million during the quarter, compared to analyst estimates of $137.83 million. During the same period in the previous year, the company earned $0.36 earnings per share. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. On average, equities analysts forecast that Shutterstock, Inc. will post $1.16 EPS for the current fiscal year.

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SSTK has been the topic of several analyst reports. TheStreet cut shares of Shutterstock from a “b-” rating to a “c” rating in a report on Friday, July 7th. BidaskClub cut shares of Shutterstock from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Jefferies Group LLC reiterated a “hold” rating and issued a $50.00 price target on shares of Shutterstock in a research note on Friday, June 23rd. Zacks Investment Research upgraded shares of Shutterstock from a “sell” rating to a “hold” rating in a research note on Tuesday, May 2nd. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $50.00 price target on shares of Shutterstock in a research note on Friday, April 21st. Two equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $42.40.

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.

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Institutional Ownership by Quarter for Shutterstock (NYSE:SSTK)

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