Alpine Associates Management Inc. Acquires New Position in Shutterstock, Inc. (NYSE:SSTK)

Key Points

• Alpine Associates Management Inc. has acquired a new stake in Shutterstock, Inc., purchasing nearly 600,000 shares valued at approximately $11.18 million, representing about 1.70% ownership of the company.
• Shutterstock reported a loss in earnings per share for the latest quarter, with $1.19 EPS missing the consensus estimate of $1.65, while revenue increased by 21.3% year-over-year.
• The company will pay a quarterly dividend of $0.33 on September 18th, which translates to an annualized yield of 6.71% and a high dividend payout ratio of 121.10%.

Alpine Associates Management Inc. purchased a new stake in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 599,955 shares of the business services provider's stock, valued at approximately $11,177,000. Alpine Associates Management Inc. owned about 1.70% of Shutterstock at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. HHM Wealth Advisors LLC bought a new stake in Shutterstock in the first quarter valued at $28,000. XTX Topco Ltd bought a new stake in shares of Shutterstock during the 1st quarter valued at $335,000. Banque Cantonale Vaudoise bought a new stake in shares of Shutterstock during the 1st quarter valued at $143,000. Universal Beteiligungs und Servicegesellschaft mbH raised its position in shares of Shutterstock by 26.1% in the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 112,800 shares of the business services provider's stock worth $2,101,000 after purchasing an additional 23,314 shares during the last quarter. Finally, Segall Bryant & Hamill LLC raised its position in shares of Shutterstock by 19.1% in the 1st quarter. Segall Bryant & Hamill LLC now owns 56,344 shares of the business services provider's stock worth $1,050,000 after purchasing an additional 9,027 shares during the last quarter. 82.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SSTK has been the subject of several recent analyst reports. JMP Securities reaffirmed a "market perform" rating on shares of Shutterstock in a research report on Monday, May 5th. Wall Street Zen raised Shutterstock to a "hold" rating in a research report on Saturday, June 14th. Finally, Needham & Company LLC lowered their price target on Shutterstock from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Monday, June 2nd. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $43.67.

Shutterstock Stock Performance

NYSE:SSTK traded down $0.47 during mid-day trading on Friday, reaching $18.69. The company's stock had a trading volume of 279,029 shares, compared to its average volume of 473,651. Shutterstock, Inc. has a 12-month low of $14.35 and a 12-month high of $40.49. The firm's fifty day moving average price is $18.88 and its two-hundred day moving average price is $20.71. The company has a current ratio of 0.49, a quick ratio of 0.43 and a debt-to-equity ratio of 0.20. The stock has a market cap of $662.93 million, a P/E ratio of 10.33 and a beta of 1.15.

Shutterstock (NYSE:SSTK - Get Free Report) last released 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). The firm had revenue of $266.99 million for the quarter, compared to the consensus estimate of $248.27 million. Shutterstock had a net margin of 6.36% and a return on equity of 18.42%. The company's revenue for the quarter was up 21.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.00 earnings per share. On average, equities analysts forecast that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Shutterstock Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date is Thursday, September 4th. Shutterstock's payout ratio is currently 121.10%.

Shutterstock 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.