Symmetry Peak Management LLC Takes Position in Shutterstock, Inc. (NYSE:SSTK)

Symmetry Peak Management LLC acquired a new stake in shares of Shutterstock, Inc. (NYSE:SSTK) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 8,500 shares of the business services provider’s stock, valued at approximately $410,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. New York State Common Retirement Fund boosted its position in shares of Shutterstock by 46.3% during the third quarter. New York State Common Retirement Fund now owns 27,750 shares of the business services provider’s stock valued at $1,056,000 after buying an additional 8,785 shares during the period. Swiss National Bank grew its holdings in shares of Shutterstock by 1.5% during the third quarter. Swiss National Bank now owns 55,500 shares of the business services provider’s stock valued at $2,112,000 after buying an additional 800 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Shutterstock during the third quarter valued at $842,000. Charles Schwab Investment Management Inc. boosted its holdings in Shutterstock by 4.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 276,340 shares of the business services provider’s stock valued at $10,515,000 after purchasing an additional 11,333 shares during the last quarter. Finally, Deutsche Bank AG raised its position in shares of Shutterstock by 9.6% during the 3rd quarter. Deutsche Bank AG now owns 12,542 shares of the business services provider’s stock worth $477,000 after purchasing an additional 1,101 shares during the last quarter. 82.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Shutterstock

In other news, insider John Caine sold 1,974 shares of the firm’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $43.30, for a total value of $85,474.20. Following the sale, the insider now directly owns 7,413 shares in the company, valued at approximately $320,982.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider John Caine sold 1,974 shares of Shutterstock stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $43.30, for a total value of $85,474.20. Following the sale, the insider now owns 7,413 shares of the company’s stock, valued at $320,982.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Jarrod Yahes acquired 5,350 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was purchased at an average cost of $37.35 per share, with a total value of $199,822.50. Following the transaction, the chief financial officer now owns 43,904 shares of the company’s stock, valued at $1,639,814.40. The disclosure for this purchase can be found here. 32.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Truist Financial reduced their price target on shares of Shutterstock from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, May 6th. StockNews.com downgraded shares of Shutterstock from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 29th. Morgan Stanley assumed coverage on shares of Shutterstock in a research report on Thursday, February 22nd. They set an “equal weight” rating and a $55.00 price target for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price objective on shares of Shutterstock in a report on Tuesday, May 14th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $62.50.

Shutterstock Stock Down 0.8 %

Shares of Shutterstock stock traded down $0.31 during mid-day trading on Tuesday, hitting $38.31. The stock had a trading volume of 96,336 shares, compared to its average volume of 491,900. The firm has a 50-day moving average of $40.91 and a two-hundred day moving average of $45.04. Shutterstock, Inc. has a 12-month low of $33.80 and a 12-month high of $58.42. The firm has a market cap of $1.37 billion, a P/E ratio of 14.97 and a beta of 1.12.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Thursday, May 2nd. The business services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.73 by $0.16. Shutterstock had a net margin of 10.71% and a return on equity of 21.14%. The company had revenue of $214.32 million during the quarter, compared to analysts’ expectations of $211.03 million. Sell-side analysts expect that Shutterstock, Inc. will post 3.38 earnings per share for the current year.

Shutterstock Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Thursday, May 30th will be given a $0.30 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.20 annualized dividend and a yield of 3.13%. Shutterstock’s dividend payout ratio is presently 46.51%.

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.