Callodine Capital Management LP Has $21.13 Million Stake in Shutterstock, Inc. $SSTK

Key Points

• Callodine Capital Management LP boosted its Shutterstock stake by 23% in the first quarter, ending with 1,272,139 shares valued at about $21.13 million. The position represents roughly 1.5% of Callodine’s portfolio.
• Shutterstock continues to draw heavy institutional interest, with hedge funds and other investors owning 82.79% of the company’s stock. Several firms also increased their holdings during recent quarters.
• Analyst sentiment remains mixed but leans cautious: the stock’s consensus rating is Hold, with an average price target of $7.00. Shutterstock shares recently traded at $5.58, near their 52-week low of $5.25.

Callodine Capital Management LP increased its position in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 23.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,272,139 shares of the business services provider's stock after acquiring an additional 238,176 shares during the period. Shutterstock comprises about 1.5% of Callodine Capital Management LP's portfolio, making the stock its 25th biggest position. Callodine Capital Management LP owned about 3.46% of Shutterstock worth $21,130,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Balyasny Asset Management L.P. boosted its stake in shares of Shutterstock by 229.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 804,655 shares of the business services provider's stock valued at $15,369,000 after purchasing an additional 560,617 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Shutterstock by 109.3% during the first quarter. Millennium Management LLC now owns 626,615 shares of the business services provider's stock worth $11,674,000 after purchasing an additional 327,203 shares during the last quarter. UBS Group AG increased its stake in shares of Shutterstock by 72.7% in the third quarter. UBS Group AG now owns 547,241 shares of the business services provider's stock valued at $11,410,000 after buying an additional 230,413 shares during the period. Adage Capital Partners GP L.L.C. acquired a new position in shares of Shutterstock in the fourth quarter valued at approximately $3,763,000. Finally, Bank of America Corp DE raised its holdings in Shutterstock by 117.2% in the 2nd quarter. Bank of America Corp DE now owns 284,559 shares of the business services provider's stock valued at $5,395,000 after buying an additional 153,575 shares during the last quarter. Institutional investors and hedge funds own 82.79% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on SSTK. Wall Street Zen lowered shares of Shutterstock from a "hold" rating to a "sell" rating in a report on Sunday. Weiss Ratings downgraded shares of Shutterstock from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, May 4th. Citigroup upgraded shares of Shutterstock from a "neutral" rating to a "buy" rating and set a $7.00 price target on the stock in a report on Friday, June 5th. Finally, Zacks Research raised shares of Shutterstock from a "strong sell" rating to a "hold" rating in a research note on Friday, July 17th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $7.00.

Shutterstock Price Performance

Shutterstock stock opened at $5.58 on Friday. The stock's 50 day moving average is $12.16 and its 200 day moving average is $15.58. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.51 and a quick ratio of 0.51. The firm has a market cap of $205.19 million, a P/E ratio of -9.63 and a beta of 1.06. Shutterstock, Inc. has a one year low of $5.25 and a one year high of $29.50.

Shutterstock Profile

Shutterstock, Inc NYSE: SSTK operates a leading global creative platform that provides royalty-free stock content to businesses, marketing agencies and media outlets. Its primary offerings include high-resolution photographs, vector graphics, illustrations, video footage and music tracks, all available through subscription plans or on-demand licensing. The platform also features customizable design tools and collaborative workspaces that enable customers to create and manage visual content more efficiently.

Founded in 2003 by Jon Oringer, Shutterstock began as an online marketplace offering a modest selection of images and quickly scaled its library to hundreds of millions of assets.

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