Victory Capital Management Inc. Reduces Stock Position in Shutterstock, Inc. (NYSE:SSTK)

Victory Capital Management Inc. decreased its position in shares of Shutterstock, Inc. (NYSE:SSTK) by 4.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 163,255 shares of the business services provider’s stock after selling 8,184 shares during the quarter. Victory Capital Management Inc.’s holdings in Shutterstock were worth $6,318,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Truvestments Capital LLC acquired a new position in Shutterstock during the first quarter worth $42,000. Allspring Global Investments Holdings LLC raised its stake in shares of Shutterstock by 31,733.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after buying an additional 952 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Shutterstock in the 2nd quarter worth about $41,000. Nisa Investment Advisors LLC grew its stake in Shutterstock by 69.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock valued at $79,000 after acquiring an additional 838 shares during the last quarter. Finally, BOKF NA acquired a new stake in Shutterstock in the 1st quarter valued at about $139,000. Institutional investors and hedge funds own 82.79% of the company’s stock.

Shutterstock Stock Performance

Shares of SSTK opened at $33.50 on Monday. Shutterstock, Inc. has a 1 year low of $32.38 and a 1 year high of $54.40. The company’s 50 day simple moving average is $37.29 and its 200 day simple moving average is $40.48. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 12.98 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Tuesday, August 6th. The business services provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.01). Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The business had revenue of $220.05 million during the quarter, compared to analyst estimates of $213.44 million. During the same quarter last year, the firm posted $0.76 earnings per share. The company’s revenue was up 5.4% on a year-over-year basis. Equities analysts expect that Shutterstock, Inc. will post 3.22 EPS for the current fiscal year.

Shutterstock Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date was Thursday, August 29th. Shutterstock’s payout ratio is 46.51%.

Analyst Ratings Changes

Several brokerages have issued reports on SSTK. StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a report on Saturday. Needham & Company LLC reiterated a “buy” rating and set a $65.00 target price on shares of Shutterstock in a report on Tuesday, August 6th. Finally, Morgan Stanley raised their price target on Shutterstock from $55.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd.

About Shutterstock

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.