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

Millennium Management LLC raised its holdings in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 77.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 299,412 shares of the business services provider's stock after buying an additional 130,831 shares during the quarter. Millennium Management LLC owned about 0.86% of Shutterstock worth $9,087,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Amundi boosted its holdings in shares of Shutterstock by 26.2% in the 4th quarter. Amundi now owns 2,350 shares of the business services provider's stock worth $71,000 after purchasing an additional 488 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Shutterstock by 11.3% in the 4th quarter. Covestor Ltd now owns 5,092 shares of the business services provider's stock worth $155,000 after purchasing an additional 515 shares in the last quarter. Palouse Capital Management Inc. boosted its holdings in shares of Shutterstock by 13.7% in the 4th quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider's stock worth $132,000 after purchasing an additional 525 shares in the last quarter. KBC Group NV boosted its holdings 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 worth $2,005,000 after purchasing an additional 999 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in shares of 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 in the last quarter. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SSTK shares. Needham & Company LLC cut their price objective on Shutterstock from $45.00 to $30.00 and set a "buy" rating for the company in a report on Friday, March 7th. Wall Street Zen started coverage on Shutterstock in a research note on Wednesday, May 21st. They issued a "buy" rating for the company. JMP Securities reissued a "market perform" rating on shares of Shutterstock in a research note on Monday, May 5th. Finally, Truist Financial lowered Shutterstock from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $45.33.

Shutterstock Trading Up 0.7%

SSTK traded up $0.13 during midday trading on Thursday, reaching $18.19. 92,717 shares of the company's stock traded hands, compared to its average volume of 522,710. The firm has a fifty day moving average of $17.25 and a two-hundred day moving average of $24.59. The stock has a market capitalization of $641.24 million, a price-to-earnings ratio of 17.85 and a beta of 1.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. Shutterstock, Inc. has a 52 week low of $14.35 and a 52 week high of $46.10.

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

Shutterstock Dividend Announcement

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 given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 7.26%. The ex-dividend date is Thursday, June 5th. Shutterstock's dividend payout ratio is currently 121.10%.

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.