Invenomic Capital Management LP Buys 283,532 Shares of Shutterstock, Inc. $SSTK

Key Points

• Invenomic Capital Management LP increased its stake in Shutterstock, Inc. (NYSE:SSTK) by 47.1% during Q1, now holding approximately 2.51% of the company, valued at $16.49 million.
• Shutterstock reported earnings of $1.19 per share for the last quarter, missing estimates but achieving a revenue of $266.99 million, which exceeded analyst expectations.
• The company announced a quarterly dividend of $0.33 per share, representing an annualized yield of 6.4%, with a dividend payout ratio of 72.93%.

Invenomic Capital Management LP grew its position in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 47.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 885,022 shares of the business services provider's stock after buying an additional 283,532 shares during the quarter. Invenomic Capital Management LP owned approximately 2.51% of Shutterstock worth $16,488,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in SSTK. Performa Ltd US LLC acquired a new stake in Shutterstock in the 1st quarter worth approximately $25,000. Versant Capital Management Inc lifted its holdings in Shutterstock by 1,908.6% in the 1st quarter. Versant Capital Management Inc now owns 1,406 shares of the business services provider's stock worth $26,000 after purchasing an additional 1,336 shares during the last quarter. HHM Wealth Advisors LLC acquired a new stake in Shutterstock in the 1st quarter worth approximately $28,000. CWM LLC lifted its holdings in Shutterstock by 93.8% in the 1st quarter. CWM LLC now owns 1,810 shares of the business services provider's stock worth $34,000 after purchasing an additional 876 shares during the last quarter. Finally, Palouse Capital Management Inc. lifted its holdings in Shutterstock by 33.8% in the 1st quarter. Palouse Capital Management Inc. now owns 5,830 shares of the business services provider's stock worth $109,000 after purchasing an additional 1,473 shares during the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Wall Street Zen upgraded Shutterstock from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Needham & Company LLC reduced their target price on Shutterstock from $30.00 to $25.00 and set a "buy" rating for the company in a report on Monday, June 2nd. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Shutterstock presently has a consensus rating of "Hold" and an average price target of $43.67.

Shutterstock Stock Performance

Shares of SSTK stock traded down $0.47 during trading hours on Friday, reaching $20.12. 245,019 shares of the company's stock were exchanged, compared to its average volume of 206,584. Shutterstock, Inc. has a fifty-two week low of $14.35 and a fifty-two week high of $38.80. The stock has a market capitalization of $713.66 million, a P/E ratio of 11.12 and a beta of 1.05. The business has a fifty day moving average price of $20.14 and a 200-day moving average price of $18.97. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.20.

Shutterstock (NYSE:SSTK - Get Free Report) last released its quarterly earnings data 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 business's revenue for the quarter was up 21.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.00 earnings per share. Analysts predict that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.33 per share. The ex-dividend date is Thursday, September 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.6%. Shutterstock's payout ratio is currently 72.93%.

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.