70,287 Shares in Shutterstock, Inc. (NYSE:SSTK) Bought by Leuthold Group LLC

Leuthold Group LLC purchased a new stake in Shutterstock, Inc. (NYSE:SSTK) during the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 70,287 shares of the business services provider’s stock, valued at approximately $3,393,000.

Several other institutional investors and hedge funds also recently made changes to their positions in SSTK. Raymond James & Associates lifted its holdings in Shutterstock by 3.6% in the third quarter. Raymond James & Associates now owns 54,896 shares of the business services provider’s stock valued at $2,089,000 after buying an additional 1,917 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Shutterstock by 20.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 569,594 shares of the business services provider’s stock valued at $21,673,000 after purchasing an additional 96,337 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Shutterstock by 28.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,856 shares of the business services provider’s stock worth $223,000 after buying an additional 1,282 shares during the period. Mackenzie Financial Corp raised its holdings in shares of Shutterstock by 22.0% during the third quarter. Mackenzie Financial Corp now owns 12,738 shares of the business services provider’s stock valued at $479,000 after purchasing an additional 2,300 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Shutterstock by 43.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,797 shares of the business services provider’s stock worth $1,476,000 after purchasing an additional 11,747 shares in the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

Insider Activity at Shutterstock

In other Shutterstock news, insider John Caine sold 5,439 shares of Shutterstock stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $42.91, for a total transaction of $233,387.49. Following the transaction, the insider now owns 1,974 shares of the company’s stock, valued at approximately $84,704.34. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 32.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

SSTK has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Shutterstock in a research report on Thursday, May 2nd. StockNews.com downgraded Shutterstock from a “strong-buy” rating to a “hold” rating in a 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 target price on the stock. Finally, Truist Financial reduced their price target on shares of Shutterstock from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Monday. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Shutterstock currently has a consensus rating of “Moderate Buy” and an average target price of $61.25.

Shutterstock Trading Up 0.8 %

NYSE SSTK traded up $0.32 during trading hours on Tuesday, hitting $40.26. The company’s stock had a trading volume of 24,429 shares, compared to its average volume of 493,341. The company has a market capitalization of $1.44 billion, a PE ratio of 15.48 and a beta of 1.13. Shutterstock, Inc. has a 52 week low of $33.80 and a 52 week high of $58.42. The company’s 50-day simple moving average is $45.19 and its two-hundred day simple moving average is $45.16.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.13. The business 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 21.14% and a net margin of 10.71%. Research analysts anticipate that Shutterstock, Inc. will post 3.13 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th will be issued a $0.30 dividend. The ex-dividend date is Thursday, May 30th. This represents a $1.20 annualized dividend and a dividend yield of 2.98%. Shutterstock’s dividend payout ratio is currently 46.51%.

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.