Rafferty Asset Management LLC Increases Stock Holdings in Shutterstock, Inc. (NYSE:SSTK)

Rafferty Asset Management LLC boosted its position in shares of Shutterstock, Inc. (NYSE:SSTK) by 39.7% in the second quarter, HoldingsChannel.com reports. The fund owned 11,020 shares of the business services provider’s stock after purchasing an additional 3,134 shares during the period. Rafferty Asset Management LLC’s holdings in Shutterstock were worth $1,082,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. raised its position in shares of Shutterstock by 5.3% during the 1st quarter. BlackRock Inc. now owns 3,524,577 shares of the business services provider’s stock worth $313,828,000 after acquiring an additional 177,449 shares in the last quarter. Boston Trust Walden Corp acquired a new stake in shares of Shutterstock during the 2nd quarter worth about $17,132,000. Acadian Asset Management LLC grew its stake in Shutterstock by 87.9% during the 1st quarter. Acadian Asset Management LLC now owns 366,392 shares of the business services provider’s stock worth $32,624,000 after buying an additional 171,433 shares during the last quarter. Prudential Financial Inc. grew its stake in Shutterstock by 475.7% during the 1st quarter. Prudential Financial Inc. now owns 175,203 shares of the business services provider’s stock worth $15,599,000 after buying an additional 144,771 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in Shutterstock by 15.9% during the 1st quarter. Loomis Sayles & Co. L P now owns 598,915 shares of the business services provider’s stock worth $53,327,000 after buying an additional 82,002 shares during the last quarter. 64.74% of the stock is currently owned by institutional investors.

SSTK stock opened at $117.50 on Tuesday. Shutterstock, Inc. has a 12-month low of $50.19 and a 12-month high of $120.13. The stock has a 50-day moving average price of $107.82 and a two-hundred day moving average price of $97.35. The company has a market cap of $4.30 billion, a PE ratio of 40.52, a price-to-earnings-growth ratio of 3.76 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, July 27th. The business services provider reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.40. The firm had revenue of $189.90 million for the quarter, compared to analysts’ expectations of $179.45 million. Shutterstock had a return on equity of 25.67% and a net margin of 14.93%. Shutterstock’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Equities analysts predict that Shutterstock, Inc. will post 2.36 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 16th. Stockholders of record on Thursday, September 2nd were issued a $0.21 dividend. The ex-dividend date was Wednesday, September 1st. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.71%. Shutterstock’s payout ratio is currently 41.58%.

In related news, Chairman Jonathan Oringer sold 310 shares of Shutterstock stock in a transaction dated Wednesday, July 14th. The stock was sold at an average price of $102.86, for a total transaction of $31,886.60. Following the sale, the chairman now directly owns 12,995,070 shares of the company’s stock, valued at $1,336,672,900.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Peter Silvio sold 900 shares of the firm’s stock in a transaction dated Wednesday, September 15th. The stock was sold at an average price of $113.13, for a total transaction of $101,817.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 180,760 shares of company stock valued at $19,218,064. 37.40% of the stock is owned by corporate insiders.

A number of research analysts recently issued reports on SSTK shares. JMP Securities raised their price target on Shutterstock from $110.00 to $123.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 28th. Truist Securities raised their price target on Shutterstock from $116.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, September 8th. Truist raised their price target on Shutterstock from $116.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, September 8th. Needham & Company LLC lifted their target price on Shutterstock from $105.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, July 28th. Finally, Zacks Investment Research upgraded Shutterstock from a “hold” rating to a “buy” rating and set a $122.00 target price on the stock in a research note on Tuesday, August 3rd. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $110.43.

Shutterstock Profile

Shutterstock, Inc engages in the operation of marketplace for licensed content. The firm licenses images, video, music, editorial assets, and custom content tailored to a brand’s needs. It operates through the Content Business and Other Category segments. The Content segment consists of Bigstock, Music, and Editorial.

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Institutional Ownership by Quarter for Shutterstock (NYSE:SSTK)

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