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. reduced its position in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 4.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,793,456 shares of the business services provider's stock after selling 120,855 shares during the period. Vanguard Group Inc. owned about 7.92% of Shutterstock worth $52,042,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of Shutterstock by 11.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,636 shares of the business services provider's stock worth $201,000 after buying an additional 682 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of Shutterstock by 159.8% during the first quarter. Janney Montgomery Scott LLC now owns 78,652 shares of the business services provider's stock worth $1,465,000 after buying an additional 48,382 shares during the period. Victory Capital Management Inc. boosted its position in shares of Shutterstock by 33.3% during the first quarter. Victory Capital Management Inc. now owns 55,137 shares of the business services provider's stock worth $1,027,000 after buying an additional 13,767 shares during the period. Millennium Management LLC boosted its position in shares of Shutterstock by 77.6% during the fourth quarter. Millennium Management LLC now owns 299,412 shares of the business services provider's stock worth $9,087,000 after buying an additional 130,831 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Shutterstock during the first quarter worth about $633,000. 82.79% of the stock is owned by institutional investors and hedge funds.

Shutterstock Stock Performance

NYSE:SSTK traded up $0.26 on Friday, hitting $20.93. The company's stock had a trading volume of 190,030 shares, compared to its average volume of 246,626. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.20. The stock has a fifty day moving average of $19.94 and a two-hundred day moving average of $19.22. The firm has a market capitalization of $742.25 million, a P/E ratio of 11.56 and a beta of 1.05. Shutterstock, Inc. has a one year low of $14.35 and a one year high of $38.80.

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 the consensus estimate of $1.65 by ($0.46). The business had revenue of $266.99 million during 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%. Shutterstock's quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.00 EPS. Research analysts predict that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th will be paid a $0.33 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.32 annualized dividend and a yield of 6.3%. Shutterstock's dividend payout ratio is currently 72.93%.

Analyst Ratings Changes

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