Invenomic Capital Management LP Sells 67,756 Shares of Shutterstock, Inc. (NYSE:SSTK)

Invenomic Capital Management LP cut its stake in Shutterstock, Inc. (NYSE:SSTK - Free Report) by 13.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 454,136 shares of the business services provider's stock after selling 67,756 shares during the period. Shutterstock comprises approximately 1.0% of Invenomic Capital Management LP's holdings, making the stock its 25th largest holding. Invenomic Capital Management LP owned approximately 1.27% of Shutterstock worth $21,926,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Brown Advisory Inc. bought a new stake in Shutterstock during the 4th quarter worth approximately $21,242,000. TD Asset Management Inc grew its holdings in Shutterstock by 469.3% during the 4th quarter. TD Asset Management Inc now owns 906,391 shares of the business services provider's stock worth $43,761,000 after acquiring an additional 747,180 shares during the period. Trigran Investments Inc. raised its position in shares of Shutterstock by 15.5% during the 4th quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider's stock valued at $58,647,000 after acquiring an additional 163,268 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Shutterstock by 4.3% in the 3rd 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 period. Finally, International Assets Investment Management LLC boosted its position in shares of Shutterstock by 4,728.0% in the 4th quarter. International Assets Investment Management LLC now owns 19,312 shares of the business services provider's stock worth $932,000 after purchasing an additional 18,912 shares during the last quarter. Institutional investors own 82.79% of the company's stock.

Insider Activity

In other news, CFO Jarrod Yahes purchased 5,350 shares of the business's stock in a transaction dated Friday, May 24th. The shares were bought at an average cost of $37.35 per share, for a total transaction of $199,822.50. Following the completion of the acquisition, the chief financial officer now directly owns 43,904 shares in the company, valued at approximately $1,639,814.40. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Paul J. Hennessy bought 12,500 shares of the company's stock in a transaction that occurred on Thursday, May 23rd. The shares were acquired at an average price of $38.38 per share, for a total transaction of $479,750.00. Following the completion of the acquisition, the chief executive officer now owns 87,803 shares of the company's stock, valued at approximately $3,369,879.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Jarrod Yahes bought 5,350 shares of the company's stock in a transaction that occurred on Friday, May 24th. The shares were bought at an average price of $37.35 per share, for a total transaction of $199,822.50. Following the acquisition, the chief financial officer now directly owns 43,904 shares of the company's stock, valued at approximately $1,639,814.40. The disclosure for this purchase can be found here. Corporate insiders own 32.00% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on SSTK shares. Truist Financial dropped their price objective on Shutterstock from $70.00 to $65.00 and set a "buy" rating for the company in a report on Monday, May 6th. StockNews.com cut shares of Shutterstock from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 29th. Morgan Stanley initiated coverage on shares of Shutterstock in a report on Thursday, February 22nd. They issued an "equal weight" rating and a $55.00 target price on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $65.00 target price on shares of Shutterstock in a report on Tuesday, May 14th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.50.

Shutterstock Stock Performance

SSTK stock traded up $0.60 during midday trading on Monday, hitting $38.63. 348,488 shares of the company's stock were exchanged, compared to its average volume of 495,465. The stock's fifty day moving average price is $41.04 and its 200-day moving average price is $45.08. The company has a market cap of $1.38 billion, a PE ratio of 15.01 and a beta of 1.12. Shutterstock, Inc. has a one year low of $33.80 and a one year high of $58.42.

Shutterstock (NYSE:SSTK - Get Free Report) last posted its earnings results on Thursday, May 2nd. The business services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.16. The firm had revenue of $214.32 million for the quarter, compared to analyst estimates of $211.03 million. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. On average, analysts expect that Shutterstock, Inc. will post 3.38 EPS for the current year.

Shutterstock Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th will be issued a $0.30 dividend. The ex-dividend date is Thursday, May 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.11%. Shutterstock's dividend payout ratio (DPR) is 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.