SG Americas Securities LLC Sells 65,480 Shares of Shutterstock, Inc. (NYSE:SSTK)

SG Americas Securities LLC trimmed its stake in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 71.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,741 shares of the business services provider's stock after selling 65,480 shares during the period. SG Americas Securities LLC owned about 0.07% of Shutterstock worth $1,243,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of SSTK. Raymond James & Associates lifted its position in shares of Shutterstock by 548.7% during the 1st quarter. Raymond James & Associates now owns 25,604 shares of the business services provider's stock valued at $2,383,000 after acquiring an additional 21,657 shares during the period. US Bancorp DE raised its position in shares of Shutterstock by 72.6% during the 1st quarter. US Bancorp DE now owns 2,196 shares of the business services provider's stock worth $204,000 after purchasing an additional 924 shares during the last quarter. Citigroup Inc. raised its position in shares of Shutterstock by 3.7% during the 1st quarter. Citigroup Inc. now owns 22,398 shares of the business services provider's stock worth $2,085,000 after purchasing an additional 804 shares during the last quarter. Bank of Montreal Can raised its position in shares of Shutterstock by 8.8% during the 1st quarter. Bank of Montreal Can now owns 8,074 shares of the business services provider's stock worth $793,000 after purchasing an additional 653 shares during the last quarter. Finally, MetLife Investment Management LLC raised its position in shares of Shutterstock by 58.0% during the 1st quarter. MetLife Investment Management LLC now owns 12,600 shares of the business services provider's stock worth $1,173,000 after purchasing an additional 4,625 shares during the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

Shutterstock Price Performance

SSTK traded down $0.34 during trading on Friday, hitting $45.81. The company's stock had a trading volume of 512,089 shares, compared to its average volume of 584,701. The firm's 50 day moving average price is $47.44 and its 200-day moving average price is $44.40. The stock has a market cap of $1.63 billion, a PE ratio of 15.12 and a beta of 1.10. Shutterstock, Inc. has a twelve month low of $33.80 and a twelve month high of $75.96.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.13. The company had revenue of $217.22 million during the quarter, compared to the consensus estimate of $224.04 million. Shutterstock had a return on equity of 23.04% and a net margin of 12.61%. Equities analysts anticipate that Shutterstock, Inc. will post 3.13 earnings per share for the current year.

Shutterstock Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Thursday, February 29th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This is a boost from Shutterstock's previous quarterly dividend of $0.27. This represents a $1.20 annualized dividend and a dividend yield of 2.62%. Shutterstock's payout ratio is currently 39.60%.

Insider Activity

In other news, Chairman Jonathan Oringer sold 836 shares of the business's stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $50.07, for a total transaction of $41,858.52. Following the completion of the sale, the chairman now directly owns 11,018,940 shares of the company's stock, valued at approximately $551,718,325.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Jonathan Oringer sold 836 shares of the business's stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $50.07, for a total transaction of $41,858.52. Following the completion of the sale, the chairman now directly owns 11,018,940 shares of the company's stock, valued at approximately $551,718,325.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Caine sold 5,440 shares of the company's stock in a transaction on Monday, February 5th. The stock was sold at an average price of $47.20, for a total transaction of $256,768.00. Following the sale, the insider now directly owns 5,439 shares of the company's stock, valued at $256,720.80. The disclosure for this sale can be found here. Insiders sold 49,443 shares of company stock valued at $2,472,717 in the last ninety days. Company insiders own 32.30% of the company's stock.

Analyst Ratings Changes

SSTK has been the subject of several research reports. StockNews.com downgraded Shutterstock from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 29th. Morgan Stanley initiated coverage on Shutterstock in a research report on Thursday, February 22nd. They set an "equal weight" rating and a $55.00 price objective for the company. Truist Financial cut their price objective on Shutterstock from $85.00 to $70.00 and set a "buy" rating for the company in a research report on Thursday, February 22nd. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price target on shares of Shutterstock in a report on Thursday, February 29th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $62.50.

About Shutterstock

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.