Insider Selling: Shutterstock, Inc. (NYSE:SSTK) Chairman Sells 8,722 Shares of Stock

Friday, June 11, 2021 | MarketBeat

Shutterstock, Inc. (NYSE:SSTK) Chairman Jonathan Oringer sold 8,722 shares of the business's stock in a transaction dated Wednesday, June 9th. The shares were sold at an average price of $91.94, for a total value of $801,900.68. Following the sale, the chairman now owns 13,140,435 shares of the company's stock, valued at $1,208,131,593.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Jonathan Oringer also recently made the following trade(s):

  • On Monday, June 7th, Jonathan Oringer sold 16,506 shares of Shutterstock stock. The stock was sold at an average price of $91.75, for a total value of $1,514,425.50.
  • On Friday, June 4th, Jonathan Oringer sold 14,065 shares of Shutterstock stock. The shares were sold at an average price of $90.77, for a total value of $1,276,680.05.
  • On Wednesday, June 2nd, Jonathan Oringer sold 52,522 shares of Shutterstock stock. The stock was sold at an average price of $92.05, for a total value of $4,834,650.10.
  • On Monday, May 3rd, Jonathan Oringer sold 67,975 shares of Shutterstock stock. The stock was sold at an average price of $88.69, for a total value of $6,028,702.75.
  • On Wednesday, April 7th, Jonathan Oringer sold 10,634 shares of Shutterstock stock. The shares were sold at an average price of $89.04, for a total value of $946,851.36.
  • On Monday, April 5th, Jonathan Oringer sold 26,206 shares of Shutterstock stock. The stock was sold at an average price of $93.66, for a total value of $2,454,453.96.
  • On Thursday, April 1st, Jonathan Oringer sold 32,339 shares of Shutterstock stock. The shares were sold at an average price of $90.27, for a total value of $2,919,241.53.

Shares of NYSE:SSTK traded up $0.25 during midday trading on Friday, reaching $91.11. 3,926 shares of the company were exchanged, compared to its average volume of 312,434. Shutterstock, Inc. has a fifty-two week low of $33.45 and a fifty-two week high of $104.57. The stock's fifty day moving average price is $90.25. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 34.42, a PEG ratio of 3.03 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, April 27th. The business services provider reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.29. Shutterstock had a net margin of 14.08% and a return on equity of 24.83%. The business had revenue of $183.30 million during the quarter, compared to the consensus estimate of $175.67 million. During the same quarter last year, the firm earned $0.26 earnings per share. The firm's revenue for the quarter was up 13.6% compared to the same quarter last year. As a group, sell-side analysts predict that Shutterstock, Inc. will post 2.24 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 17th. Stockholders of record on Thursday, June 3rd will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.92%. The ex-dividend date is Wednesday, June 2nd. Shutterstock's payout ratio is presently 41.58%.

A number of analysts recently issued reports on SSTK shares. Truist upped their target price on Shutterstock from $86.00 to $102.00 in a research report on Wednesday, April 28th. Truist Securities increased their target price on Shutterstock from $86.00 to $102.00 in a research note on Wednesday, April 28th. Needham & Company LLC initiated coverage on Shutterstock in a research note on Monday, May 3rd. They set a "buy" rating and a $105.00 target price for the company. JMP Securities increased their target price on Shutterstock from $100.00 to $110.00 and gave the stock a "market outperform" rating in a research note on Wednesday, April 28th. Finally, Zacks Investment Research upgraded Shutterstock from a "hold" rating to a "buy" rating and set a $103.00 price objective on the stock in a report on Thursday, April 29th. Six equities research analysts have rated the stock with a buy rating, The company has a consensus rating of "Buy" and an average price target of $95.71.

A number of institutional investors and hedge funds have recently bought and sold shares of SSTK. BlackRock Inc. boosted its stake in shares of Shutterstock by 5.3% in the 1st quarter. BlackRock Inc. now owns 3,524,577 shares of the business services provider's stock valued at $313,828,000 after purchasing an additional 177,449 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Shutterstock by 3.7% during the fourth quarter. Renaissance Technologies LLC now owns 1,332,301 shares of the business services provider's stock worth $95,526,000 after buying an additional 47,700 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Shutterstock by 3.8% during the first quarter. Goldman Sachs Group Inc. now owns 743,041 shares of the business services provider's stock worth $66,160,000 after buying an additional 27,096 shares during the last quarter. Loomis Sayles & Co. L P raised its holdings in shares of Shutterstock by 15.9% in the first quarter. Loomis Sayles & Co. L P now owns 598,915 shares of the business services provider's stock valued at $53,327,000 after purchasing an additional 82,002 shares during the last quarter. Finally, ProShare Advisors LLC raised its holdings in shares of Shutterstock by 51.9% in the fourth quarter. ProShare Advisors LLC now owns 541,933 shares of the business services provider's stock valued at $38,857,000 after purchasing an additional 185,203 shares during the last quarter. 64.78% of the stock is currently owned by hedge funds and other institutional investors.

Shutterstock Company Profile

Shutterstock, Inc, a technology company, provides content, and tools and services in North America, Europe, and internationally. It 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, and 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 digital imagery.

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