Weiss Asset Management LP acquired a new position in Shutterstock, Inc. (NYSE:SSTK - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 23,539 shares of the business services provider's stock, valued at approximately $833,000. Weiss Asset Management LP owned about 0.07% of Shutterstock as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC bought a new stake in Shutterstock in the 3rd quarter worth approximately $8,493,000. Rubric Capital Management LP bought a new stake in Shutterstock in the 2nd quarter worth approximately $14,769,000. Harbor Capital Advisors Inc. grew its position in Shutterstock by 110.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 34,588 shares of the business services provider's stock worth $1,223,000 after purchasing an additional 18,174 shares during the period. Federated Hermes Inc. grew its position in shares of Shutterstock by 95.4% during the 2nd quarter. Federated Hermes Inc. now owns 138,719 shares of the business services provider's stock valued at $5,368,000 after acquiring an additional 67,718 shares during the period. Finally, Envestnet Asset Management Inc. grew its position in shares of Shutterstock by 13.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 184,300 shares of the business services provider's stock valued at $7,132,000 after acquiring an additional 22,459 shares during the period. 82.79% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on SSTK shares. Truist Financial cut their price objective on shares of Shutterstock from $65.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, October 30th. StockNews.com downgraded shares of Shutterstock from a "buy" rating to a "hold" rating in a research report on Wednesday, October 30th. Morgan Stanley cut their price objective on shares of Shutterstock from $58.00 to $50.00 and set an "equal weight" rating for the company in a research report on Monday, October 21st. Finally, Needham & Company LLC reissued a "buy" rating and set a $55.00 price objective on shares of Shutterstock in a research report on Tuesday, October 29th.
Get Our Latest Stock Analysis on Shutterstock
Shutterstock Price Performance
Shutterstock stock traded up $0.32 during mid-day trading on Monday, hitting $32.68. The stock had a trading volume of 300,576 shares, compared to its average volume of 503,792. The firm has a market capitalization of $1.14 billion, a P/E ratio of 31.73 and a beta of 1.08. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The firm's 50 day moving average is $31.61 and its 200 day moving average is $35.39. Shutterstock, Inc. has a one year low of $28.85 and a one year high of $54.40.
Shutterstock (NYSE:SSTK - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, topping the consensus estimate of $1.06 by $0.25. The business had revenue of $250.59 million for the quarter, compared to analysts' expectations of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business's quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.99 EPS. On average, sell-side 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 Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.67%. The ex-dividend date is Friday, November 29th. Shutterstock's payout ratio is currently 117.65%.
About Shutterstock
(
Free Report)
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.
Further Reading
Before you consider Shutterstock, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Shutterstock wasn't on the list.
While Shutterstock currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
