Vanguard Group Inc. Sells 120,855 Shares of Shutterstock, Inc. $SSTK

Key Points

• Vanguard Group Inc. has reduced its stake in Shutterstock, Inc. by 4.1%, selling 120,855 shares to now own approximately 7.92% of the company, valued at about $52 million.
• Shutterstock reported earnings of $1.19 per share, missing analysts' expectations by $0.46, while revenue was up 21.3% year-over-year at $266.99 million.
• The company announced a quarterly dividend of $0.33 per share, resulting in an annualized dividend yield of 6.2%, with a payout ratio of 72.93%.

Vanguard Group Inc. lowered its stake in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 4.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,793,456 shares of the business services provider's stock after selling 120,855 shares during the quarter. Vanguard Group Inc. owned approximately 7.92% of Shutterstock worth $52,042,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Alpine Associates Management Inc. acquired a new position in Shutterstock during the 1st quarter valued at about $11,177,000. Dimensional Fund Advisors LP lifted its position in Shutterstock by 22.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,018,231 shares of the business services provider's stock valued at $30,904,000 after purchasing an additional 189,015 shares during the period. Invenomic Capital Management LP lifted its position in Shutterstock by 28.1% during the 4th quarter. Invenomic Capital Management LP now owns 601,490 shares of the business services provider's stock valued at $18,255,000 after purchasing an additional 132,055 shares during the period. Millennium Management LLC lifted its position in Shutterstock by 77.6% during the 4th quarter. Millennium Management LLC now owns 299,412 shares of the business services provider's stock valued at $9,087,000 after purchasing an additional 130,831 shares during the period. Finally, Rice Hall James & Associates LLC lifted its position in Shutterstock by 21.7% during the 1st quarter. Rice Hall James & Associates LLC now owns 666,348 shares of the business services provider's stock valued at $12,414,000 after purchasing an additional 118,828 shares during the period. Institutional investors own 82.79% of the company's stock.

Shutterstock Stock Performance

Shares of SSTK stock opened at $21.2720 on Tuesday. The company has a market capitalization of $754.52 million, a P/E ratio of 11.75 and a beta of 0.99. Shutterstock, Inc. has a 52 week low of $14.35 and a 52 week high of $38.80. The company's 50 day moving average price is $19.77 and its two-hundred day moving average price is $19.48. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.49 and a current ratio of 0.49.

Shutterstock (NYSE:SSTK - Get Free Report) last posted 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). Shutterstock had a net margin of 6.36% and a return on equity of 18.42%. The business had revenue of $266.99 million during the quarter, compared to analyst estimates of $248.27 million. During the same quarter last year, the business earned $1.00 earnings per share. Shutterstock's revenue for the quarter was up 21.3% on a year-over-year basis. On average, analysts expect that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date is Thursday, September 4th. Shutterstock's dividend payout ratio (DPR) is currently 72.93%.

Wall Street Analyst Weigh In

SSTK has been the topic of a number of research reports. Wall Street Zen upgraded shares of Shutterstock from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Needham & Company LLC cut their price target on shares of Shutterstock from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Monday, June 2nd. Finally, JMP Securities reiterated a "market perform" rating on shares of Shutterstock in a research report on Monday, May 5th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Shutterstock has an average rating of "Hold" and an average 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.

Want to see what other hedge funds are holding SSTK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shutterstock, Inc. (NYSE:SSTK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.