Invenomic Capital Management LP Purchases Shares of 205,778 Shutterstock, Inc. (NYSE:SSTK)
Invenomic Capital Management LP acquired a new stake in shares of Shutterstock, Inc. (NYSE:SSTK – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 205,778 shares of the business services provider’s stock, valued at approximately $10,015,000. Invenomic Capital Management LP owned 0.57% of Shutterstock at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new position in Shutterstock during the 1st quarter valued at approximately $27,000. Covestor Ltd boosted its position in shares of Shutterstock by 88.6% during the first quarter. Covestor Ltd now owns 349 shares of the business services provider’s stock worth $33,000 after buying an additional 164 shares during the period. Altshuler Shaham Ltd acquired a new position in shares of Shutterstock during the first quarter worth approximately $29,000. Tower Research Capital LLC TRC boosted its position in shares of Shutterstock by 237.3% during the first quarter. Tower Research Capital LLC TRC now owns 560 shares of the business services provider’s stock worth $41,000 after buying an additional 394 shares during the period. Finally, Acadian Asset Management LLC acquired a new position in shares of Shutterstock during the second quarter worth approximately $33,000. Institutional investors and hedge funds own 81.68% of the company’s stock.
Shutterstock Stock Performance
NYSE SSTK traded down $0.48 on Friday, reaching $45.04. The company’s stock had a trading volume of 419,105 shares, compared to its average volume of 406,987. Shutterstock, Inc. has a twelve month low of $33.80 and a twelve month high of $81.23. The stock has a market cap of $1.61 billion, a PE ratio of 13.86 and a beta of 1.10. The firm’s 50 day moving average is $40.78 and its two-hundred day moving average is $44.29.
Shutterstock (NYSE:SSTK – Get Free Report) last released its earnings results on Tuesday, October 31st. The business services provider reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.51. The company had revenue of $233.25 million during the quarter, compared to analyst estimates of $212.94 million. Shutterstock had a return on equity of 25.89% and a net margin of 13.52%. Equities research analysts anticipate that Shutterstock, Inc. will post 3.07 EPS for the current fiscal year.
Shutterstock Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Thursday, November 30th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Wednesday, November 29th. Shutterstock’s dividend payout ratio (DPR) is currently 33.23%.
Analyst Ratings Changes
SSTK has been the subject of several analyst reports. StockNews.com upgraded Shutterstock from a “hold” rating to a “buy” rating in a research report on Wednesday, November 1st. Truist Financial reaffirmed a “buy” rating and issued a $85.00 price target on shares of Shutterstock in a research note on Wednesday, September 13th. Needham & Company LLC reduced their price target on shares of Shutterstock from $76.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday, November 1st. Redburn Atlantic reduced their price target on shares of Shutterstock from $84.00 to $65.00 in a research note on Tuesday, October 3rd. Finally, Morgan Stanley reduced their price target on shares of Shutterstock from $83.00 to $55.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 1st. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $66.25.
View Our Latest Report on Shutterstock
About Shutterstock (Free Report)
Shutterstock, Inc, a technology company, provides quality content, and creative workflow solutions in North America, Europe, and internationally. It 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, and 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.
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