12,154 Shares in Shutterstock, Inc. (NYSE:SSTK) Purchased by Olympiad Research LP

Olympiad Research LP bought a new stake in shares of Shutterstock, Inc. (NYSE:SSTK) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 12,154 shares of the business services provider’s stock, valued at approximately $430,000.

Other hedge funds have also bought and sold shares of the company. Harbor Capital Advisors Inc. boosted its holdings in Shutterstock by 110.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 34,588 shares of the business services provider’s stock worth $1,223,000 after buying an additional 18,174 shares during the period. Janney Montgomery Scott LLC lifted its position in shares of Shutterstock by 97.3% in the third quarter. Janney Montgomery Scott LLC now owns 26,536 shares of the business services provider’s stock worth $939,000 after buying an additional 13,088 shares in the last quarter. Rice Hall James & Associates LLC boosted its stake in Shutterstock by 40.7% during the third quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider’s stock valued at $18,724,000 after buying an additional 153,154 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in Shutterstock during the 3rd quarter valued at approximately $2,018,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Shutterstock by 11,862.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 114,241 shares of the business services provider’s stock worth $4,041,000 after acquiring an additional 113,286 shares in the last quarter. Institutional investors own 82.79% of the company’s stock.

Shutterstock Stock Performance

SSTK stock opened at $34.57 on Thursday. Shutterstock, Inc. has a 1-year low of $28.95 and a 1-year high of $54.40. The business has a 50-day moving average price of $32.93 and a 200 day moving average price of $36.92. The company has a market capitalization of $1.21 billion, a P/E ratio of 33.89 and a beta of 1.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.25. The firm had revenue of $250.59 million during the quarter, compared to analysts’ expectations of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The company’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.99 EPS. As a group, equities research analysts forecast that Shutterstock, Inc. will post 3.07 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.47%. Shutterstock’s dividend payout ratio is presently 117.65%.

Analyst Ratings Changes

SSTK has been the topic of several research reports. StockNews.com cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 target price on shares of Shutterstock in a research note on Tuesday, October 29th. Truist Financial cut their price objective on Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Finally, Morgan Stanley decreased their target price on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, October 21st.

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.