Assenagon Asset Management S.A. Makes New Investment in Shutterstock, Inc. (NYSE:SSTK)

Assenagon Asset Management S.A. bought a new position in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 33,971 shares of the business services provider's stock, valued at approximately $633,000. Assenagon Asset Management S.A. owned 0.10% of Shutterstock as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new stake in Shutterstock during the first quarter worth $398,000. GAMMA Investing LLC raised its stake in shares of Shutterstock by 25,981.9% during the 1st quarter. GAMMA Investing LLC now owns 21,648 shares of the business services provider's stock worth $403,000 after acquiring an additional 21,565 shares in the last quarter. Versant Capital Management Inc raised its stake 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 worth $26,000 after acquiring an additional 1,336 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Shutterstock by 11.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,636 shares of the business services provider's stock worth $201,000 after acquiring an additional 682 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Shutterstock during the 4th quarter worth approximately $2,716,000. Hedge funds and other institutional investors own 82.79% of the company's stock.

Shutterstock Price Performance

NYSE SSTK opened at $19.10 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.43 and a quick ratio of 0.43. The stock's fifty day moving average price is $17.56 and its 200 day moving average price is $23.26. Shutterstock, Inc. has a 1 year low of $14.35 and a 1 year high of $46.10. The company has a market cap of $673.17 million, a price-to-earnings ratio of 17.52 and a beta of 1.15.

Shutterstock (NYSE:SSTK - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The business services provider reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.23). The company had revenue of $242.62 million for the quarter, compared to analyst estimates of $249.44 million. Shutterstock had a return on equity of 17.70% and a net margin of 4.00%. Shutterstock's revenue for the quarter was up 13.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.13 earnings per share. As a group, equities research analysts forecast that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Thursday, June 5th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 6.91%. The ex-dividend date of this dividend is Thursday, June 5th. Shutterstock's payout ratio is currently 121.10%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SSTK shares. Wall Street Zen upgraded Shutterstock to a "hold" rating in a report on Saturday, June 14th. Truist Financial lowered Shutterstock from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. JMP Securities reiterated a "market perform" rating on shares of Shutterstock in a report on Monday, May 5th. Finally, Needham & Company LLC decreased their price objective on Shutterstock from $30.00 to $25.00 and set a "buy" rating for the company in a report on Monday, June 2nd. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, Shutterstock has a consensus rating of "Hold" and a consensus price target of $43.67.

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.

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