Range Financial Group LLC Invests $959,000 in Shutterstock, Inc. (NYSE:SSTK)

Range Financial Group LLC acquired a new stake in shares of Shutterstock, Inc. (NYSE:SSTKFree Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 20,928 shares of the business services provider’s stock, valued at approximately $959,000. Range Financial Group LLC owned about 0.06% of Shutterstock as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. TD Asset Management Inc lifted its holdings in shares of Shutterstock by 469.3% during the fourth quarter. TD Asset Management Inc now owns 906,391 shares of the business services provider’s stock valued at $43,761,000 after purchasing an additional 747,180 shares in the last quarter. Trigran Investments Inc. boosted its holdings in shares of Shutterstock by 15.5% during the 4th quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock valued at $58,647,000 after acquiring an additional 163,268 shares during the last quarter. Brown Advisory Inc. bought a new stake in shares of Shutterstock in the fourth quarter worth approximately $21,242,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Shutterstock by 4.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 276,340 shares of the business services provider’s stock valued at $10,515,000 after purchasing an additional 11,333 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its position in Shutterstock by 4,728.0% during the fourth quarter. International Assets Investment Management LLC now owns 19,312 shares of the business services provider’s stock valued at $932,000 after purchasing an additional 18,912 shares during the period. 82.79% of the stock is currently owned by institutional investors.

Shutterstock Stock Performance

Shares of NYSE SSTK traded down $0.19 during trading on Monday, hitting $37.82. The company had a trading volume of 351,839 shares, compared to its average volume of 492,930. Shutterstock, Inc. has a 12 month low of $33.80 and a 12 month high of $58.42. The firm has a market capitalization of $1.36 billion, a P/E ratio of 14.75 and a beta of 1.12. The stock has a 50 day simple moving average of $40.28 and a 200 day simple moving average of $44.69.

Shutterstock (NYSE:SSTKGet Free Report) last released its earnings results on Thursday, May 2nd. The business services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.16. The company had revenue of $214.32 million for the quarter, compared to analysts’ expectations of $211.03 million. Shutterstock had a net margin of 10.71% and a return on equity of 21.14%. As a group, analysts predict that Shutterstock, Inc. will post 3.38 EPS for the current year.

Shutterstock Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Thursday, May 30th were paid a $0.30 dividend. The ex-dividend date was Thursday, May 30th. This represents a $1.20 dividend on an annualized basis and a yield of 3.17%. Shutterstock’s payout ratio is presently 46.51%.

Insiders Place Their Bets

In other Shutterstock news, CFO Jarrod Yahes purchased 5,350 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were bought at an average cost of $37.35 per share, with a total value of $199,822.50. Following the acquisition, the chief financial officer now owns 43,904 shares in the company, valued at $1,639,814.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Paul J. Hennessy acquired 12,500 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was acquired at an average price of $38.38 per share, with a total value of $479,750.00. Following the acquisition, the chief executive officer now directly owns 87,803 shares of the company’s stock, valued at $3,369,879.14. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jarrod Yahes bought 5,350 shares of Shutterstock stock in a transaction dated Friday, May 24th. The stock was purchased at an average cost of $37.35 per share, for a total transaction of $199,822.50. Following the completion of the acquisition, the chief financial officer now directly owns 43,904 shares of the company’s stock, valued at approximately $1,639,814.40. The disclosure for this purchase can be found here. 32.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Truist Financial cut their target price on shares of Shutterstock from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, May 6th. Needham & Company LLC reissued a “buy” rating and issued a $65.00 target price on shares of Shutterstock in a report on Tuesday, May 14th. Finally, StockNews.com downgraded Shutterstock from a “strong-buy” rating to a “hold” rating in a research note 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.50.

Get Our Latest Stock Report on SSTK

Shutterstock Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Shutterstock (NYSE:SSTK)

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