Shutterstock, Inc. (NYSE:SSTK) Shares Sold by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. cut its stake in Shutterstock, Inc. (NYSE:SSTK) by 40.9% in the first quarter, Holdings Channel reports. The fund owned 15,116 shares of the business services provider’s stock after selling 10,445 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Shutterstock were worth $692,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. SRS Capital Advisors Inc. grew its position in Shutterstock by 433.3% in the fourth quarter. SRS Capital Advisors Inc. now owns 592 shares of the business services provider’s stock worth $29,000 after acquiring an additional 481 shares during the period. Fifth Third Bancorp grew its holdings in shares of Shutterstock by 48.7% during the 4th quarter. Fifth Third Bancorp now owns 883 shares of the business services provider’s stock worth $43,000 after purchasing an additional 289 shares during the period. First Horizon Advisors Inc. increased its position in shares of Shutterstock by 58.5% during the 4th quarter. First Horizon Advisors Inc. now owns 894 shares of the business services provider’s stock worth $43,000 after purchasing an additional 330 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Shutterstock by 317.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,170 shares of the business services provider’s stock valued at $56,000 after buying an additional 890 shares during the period. Finally, Tower Research Capital LLC TRC lifted its position in Shutterstock by 58.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,266 shares of the business services provider’s stock valued at $109,000 after buying an additional 840 shares during the last quarter. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Shutterstock Stock Performance

Shares of SSTK stock opened at $35.76 on Wednesday. Shutterstock, Inc. has a fifty-two week low of $33.80 and a fifty-two week high of $58.42. The company has a 50 day moving average price of $39.78 and a 200 day moving average price of $44.30. The stock has a market capitalization of $1.28 billion, a P/E ratio of 13.86 and a beta of 1.12.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings data on Thursday, May 2nd. The business services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.16. The business 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, research analysts forecast that Shutterstock, Inc. will post 3.38 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date was Thursday, May 30th. Shutterstock’s dividend payout ratio is presently 46.51%.

Insider Buying and Selling

In other news, CEO Paul J. Hennessy purchased 12,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average price of $38.38 per share, for a total transaction of $479,750.00. Following the completion of the purchase, the chief executive officer now directly owns 87,803 shares of the company’s stock, valued at $3,369,879.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Shutterstock news, CEO Paul J. Hennessy purchased 12,500 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were bought at an average cost of $38.38 per share, for a total transaction of $479,750.00. Following the completion of the purchase, the chief executive officer now directly owns 87,803 shares in the company, valued at $3,369,879.14. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Caine sold 5,439 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $42.91, for a total value of $233,387.49. Following the transaction, the insider now directly owns 1,974 shares of the company’s stock, valued at $84,704.34. The disclosure for this sale can be found here. Insiders own 32.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $65.00 price target on shares of Shutterstock in a research report on Tuesday, May 14th. Truist Financial cut their target price on Shutterstock from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, May 6th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $62.50.

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.