Millennium Management LLC Buys 130,831 Shares of Shutterstock, Inc. (NYSE:SSTK)

Millennium Management LLC grew its stake in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 77.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 299,412 shares of the business services provider's stock after acquiring an additional 130,831 shares during the period. Millennium Management LLC owned 0.86% of Shutterstock worth $9,087,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Amundi lifted its stake in Shutterstock by 26.2% during the fourth quarter. Amundi now owns 2,350 shares of the business services provider's stock worth $71,000 after purchasing an additional 488 shares during the last quarter. Covestor Ltd boosted its position in Shutterstock by 11.3% during the fourth quarter. Covestor Ltd now owns 5,092 shares of the business services provider's stock valued at $155,000 after buying an additional 515 shares during the period. Palouse Capital Management Inc. increased its holdings in shares of Shutterstock by 13.7% in the fourth quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider's stock worth $132,000 after buying an additional 525 shares during the period. KBC Group NV lifted its stake in shares of Shutterstock by 1.5% in the 4th quarter. KBC Group NV now owns 66,069 shares of the business services provider's stock valued at $2,005,000 after acquiring an additional 999 shares during the last quarter. Finally, MetLife Investment Management LLC increased its stake in Shutterstock by 7.0% in the 4th quarter. MetLife Investment Management LLC now owns 15,631 shares of the business services provider's stock worth $474,000 after purchasing an additional 1,026 shares during the period. 82.79% of the stock is owned by institutional investors.

Shutterstock Stock Up 0.9%

NYSE:SSTK traded up $0.17 during trading hours on Friday, reaching $18.43. 109,050 shares of the company traded hands, compared to its average volume of 516,323. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The business's 50-day moving average price is $17.22 and its two-hundred day moving average price is $24.49. Shutterstock, Inc. has a 1 year low of $14.35 and a 1 year high of $46.10. The stock has a market capitalization of $649.73 million, a P/E ratio of 18.07 and a beta of 1.10.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its earnings results on Friday, May 2nd. The business services provider reported $1.03 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.23). The business had revenue of $242.62 million for the quarter, compared to analysts' expectations of $249.44 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business's revenue for the quarter was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.13 earnings per share. Analysts predict that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Thursday, June 5th will be given a dividend of $0.33 per share. The ex-dividend date is Thursday, June 5th. This represents a $1.32 annualized dividend and a yield of 7.16%. Shutterstock's dividend payout ratio (DPR) is presently 121.10%.

Analysts Set New Price Targets

Several brokerages have weighed in on SSTK. Truist Financial cut shares of Shutterstock from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Wall Street Zen initiated coverage on shares of Shutterstock in a research report on Wednesday, May 21st. They issued a "buy" rating for the company. Needham & Company LLC reduced their price target on Shutterstock from $45.00 to $30.00 and set a "buy" rating on the stock in a research note on Friday, March 7th. Finally, JMP Securities reissued a "market perform" rating on shares of Shutterstock in a research report on Monday, May 5th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $45.33.

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.