Assenagon Asset Management S.A. Sells 170,071 Shares of Shutterstock, Inc. (NYSE:SSTK)

Assenagon Asset Management S.A. trimmed its holdings in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 65.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 88,697 shares of the business services provider's stock after selling 170,071 shares during the quarter. Assenagon Asset Management S.A. owned 0.25% of Shutterstock worth $4,282,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. lifted its stake in Shutterstock by 14.3% during the first quarter. BlackRock Inc. now owns 4,600,660 shares of the business services provider's stock worth $334,008,000 after purchasing an additional 574,188 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Shutterstock by 3.2% in the third quarter. Vanguard Group Inc. now owns 2,927,585 shares of the business services provider's stock valued at $146,877,000 after purchasing an additional 90,342 shares during the period. Wellington Management Group LLP increased its holdings in shares of Shutterstock by 6.9% in the first quarter. Wellington Management Group LLP now owns 2,132,514 shares of the business services provider's stock valued at $198,495,000 after purchasing an additional 138,474 shares during the period. Macquarie Group Ltd. increased its holdings in shares of Shutterstock by 18.6% in the first quarter. Macquarie Group Ltd. now owns 1,617,721 shares of the business services provider's stock valued at $117,447,000 after purchasing an additional 253,606 shares during the period. Finally, Trigran Investments Inc. grew its holdings in Shutterstock by 171.7% during the third quarter. Trigran Investments Inc. now owns 1,051,458 shares of the business services provider's stock worth $40,008,000 after acquiring an additional 664,522 shares during the period. 82.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Shutterstock

In related news, insider John Caine sold 5,440 shares of Shutterstock stock in a transaction on Monday, February 5th. The stock was sold at an average price of $47.20, for a total value of $256,768.00. Following the transaction, the insider now directly owns 5,439 shares in the company, valued at approximately $256,720.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider John Caine sold 5,440 shares of Shutterstock 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 completion of the sale, the insider now owns 5,439 shares of the company's stock, valued at $256,720.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Jonathan Oringer sold 4,360 shares of Shutterstock stock in a transaction on Friday, January 19th. The shares were sold at an average price of $50.05, for a total value of $218,218.00. Following the sale, the chairman now directly owns 11,081,944 shares of the company's stock, valued at approximately $554,651,297.20. The disclosure for this sale can be found here. Insiders have sold a total of 49,443 shares of company stock worth $2,472,717 in the last three months. 32.30% of the stock is owned by company insiders.

Shutterstock Trading Down 3.3 %

NYSE:SSTK traded down $1.48 on Tuesday, hitting $43.73. 692,967 shares of the stock were exchanged, compared to its average volume of 542,192. The stock has a market cap of $1.55 billion, a PE ratio of 14.43 and a beta of 1.09. The stock has a fifty day moving average of $47.34 and a 200-day moving average of $44.46. Shutterstock, Inc. has a fifty-two week low of $33.80 and a fifty-two week high of $75.96.

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

Shutterstock Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Thursday, February 29th were given a $0.30 dividend. This is a boost from Shutterstock's previous quarterly dividend of $0.27. This represents a $1.20 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend was Wednesday, February 28th. Shutterstock's dividend payout ratio (DPR) is currently 39.60%.

Analyst Upgrades and Downgrades

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

Shutterstock Company 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.