Mirae Asset Global Investments Co. Ltd. Boosts Stock Holdings in Shutterstock, Inc. (NYSE:SSTK)

Mirae Asset Global Investments Co. Ltd. grew its position in shares of Shutterstock, Inc. (NYSE:SSTK) by 3.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,243 shares of the business services provider’s stock after acquiring an additional 1,446 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.11% of Shutterstock worth $1,943,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Quantbot Technologies LP purchased a new position in shares of Shutterstock in the 1st quarter worth about $27,000. Quarry LP boosted its holdings in shares of Shutterstock by 81.8% in the 2nd quarter. Quarry LP now owns 611 shares of the business services provider’s stock worth $30,000 after buying an additional 275 shares during the last quarter. Covestor Ltd boosted its holdings in shares of Shutterstock by 88.6% in the 1st quarter. Covestor Ltd now owns 349 shares of the business services provider’s stock worth $33,000 after buying an additional 164 shares during the last quarter. State of Wyoming boosted its holdings in shares of Shutterstock by 93.9% in the 2nd quarter. State of Wyoming now owns 789 shares of the business services provider’s stock worth $38,000 after buying an additional 382 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Shutterstock by 237.3% in the 1st quarter. Tower Research Capital LLC TRC now owns 560 shares of the business services provider’s stock worth $41,000 after buying an additional 394 shares during the last quarter. 82.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SSTK shares. Morgan Stanley began coverage on shares of Shutterstock in a report on Thursday, February 22nd. They issued an “equal weight” rating and a $55.00 price target on the stock. Truist Financial dropped their price objective on shares of Shutterstock from $85.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. StockNews.com downgraded shares of Shutterstock from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 29th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Shutterstock in a report on Thursday, February 29th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.50.

Insider Activity

In related news, insider John Caine sold 5,440 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The shares were 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 $256,720.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Shutterstock news, insider John Caine sold 5,440 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 5,439 shares of the company’s stock, valued at $256,720.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Jonathan Oringer sold 836 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $50.07, for a total value 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 disclosure for this sale can be found here. Insiders have sold a total of 47,057 shares of company stock worth $2,339,974 over the last ninety days. Company insiders own 32.30% of the company’s stock.

Shutterstock Stock Up 0.3 %

Shares of SSTK opened at $40.99 on Friday. The business’s 50-day moving average price is $46.16 and its 200-day moving average price is $44.74. Shutterstock, Inc. has a twelve month low of $33.80 and a twelve month high of $74.20. The stock has a market cap of $1.46 billion, a PE ratio of 13.53 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last announced 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. Shutterstock had a return on equity of 23.04% and a net margin of 12.61%. The firm had revenue of $217.22 million for the quarter, compared to analysts’ expectations of $224.04 million. Analysts expect that Shutterstock, Inc. will post 3.13 earnings per share for the current fiscal year.

Shutterstock Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Thursday, February 29th were given a dividend of $0.30 per share. The ex-dividend date 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 2.93%. Shutterstock’s dividend payout ratio is currently 39.60%.

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.