Adage Capital Partners GP L.L.C. Acquires Shares of 100,000 Shutterstock, Inc. $SSTK

Adage Capital Partners GP L.L.C. bought a new stake in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 100,000 shares of the business services provider's stock, valued at approximately $1,863,000. Adage Capital Partners GP L.L.C. owned about 0.28% of Shutterstock as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Performa Ltd US LLC bought a new position in shares of Shutterstock during the 1st quarter valued at $25,000. Versant Capital Management Inc grew its holdings in shares of Shutterstock by 1,908.6% during the 1st quarter. Versant Capital Management Inc now owns 1,406 shares of the business services provider's stock valued at $26,000 after purchasing an additional 1,336 shares during the last quarter. HHM Wealth Advisors LLC purchased a new stake in Shutterstock during the 1st quarter valued at $28,000. CWM LLC boosted its position in Shutterstock by 93.8% during the 1st quarter. CWM LLC now owns 1,810 shares of the business services provider's stock valued at $34,000 after buying an additional 876 shares during the period. Finally, Palouse Capital Management Inc. boosted its position in Shutterstock by 33.8% during the 1st quarter. Palouse Capital Management Inc. now owns 5,830 shares of the business services provider's stock valued at $109,000 after buying an additional 1,473 shares during the period. Institutional investors own 82.79% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SSTK shares. Wall Street Zen cut shares of Shutterstock from a "buy" rating to a "hold" rating in a research report on Saturday. Needham & Company LLC dropped their price target on shares of Shutterstock from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Monday, June 2nd. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $43.67.

Shutterstock Stock Down 0.9%

NYSE SSTK traded down $0.19 during trading hours on Friday, reaching $20.96. 137,677 shares of the company's stock traded hands, compared to its average volume of 190,787. Shutterstock, Inc. has a 52-week low of $14.35 and a 52-week high of $38.80. The firm has a market cap of $743.45 million, a PE ratio of 11.58 and a beta of 1.05. The firm has a 50-day simple moving average of $20.22 and a 200 day simple moving average of $18.89. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.49 and a quick ratio of 0.49.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.65 by ($0.46). Shutterstock had a net margin of 6.36% and a return on equity of 18.42%. The business had revenue of $266.99 million for the quarter, compared to analysts' expectations of $248.27 million. During the same period last year, the business earned $1.00 earnings per share. The company's revenue was up 21.3% on a year-over-year basis. Sell-side analysts anticipate that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Shutterstock Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, September 4th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend is Thursday, September 4th. Shutterstock's dividend payout ratio (DPR) is 72.93%.

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.