Fmr LLC cut its holdings in Shutterstock Inc (NYSE:SSTK) by 17.0% during the second quarter, Holdings Channel reports. The fund owned 198,752 shares of the business services provider’s stock after selling 40,800 shares during the period. Fmr LLC’s holdings in Shutterstock were worth $9,433,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cutler Group LP lifted its stake in Shutterstock by 357.1% during the second quarter. Cutler Group LP now owns 2,571 shares of the business services provider’s stock worth $122,000 after purchasing an additional 3,571 shares in the last quarter. Federated Investors Inc. PA acquired a new position in Shutterstock during the first quarter worth $184,000. SG Americas Securities LLC acquired a new position in Shutterstock during the second quarter worth $204,000. Piedmont Investment Advisors LLC acquired a new position in Shutterstock during the second quarter worth $205,000. Finally, Point72 Asia Hong Kong Ltd lifted its stake in Shutterstock by 3,798.3% during the first quarter. Point72 Asia Hong Kong Ltd now owns 4,639 shares of the business services provider’s stock worth $223,000 after purchasing an additional 4,520 shares in the last quarter. Hedge funds and other institutional investors own 63.81% of the company’s stock.
In other news, Director Thomas R. Evans sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $51.18, for a total transaction of $511,800.00. Following the sale, the director now owns 24,591 shares of the company’s stock, valued at $1,258,567.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Martin Brodbeck sold 4,813 shares of the company’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $51.18, for a total value of $246,329.34. Following the sale, the insider now directly owns 55,101 shares in the company, valued at approximately $2,820,069.18. The disclosure for this sale can be found here. 47.20% of the stock is currently owned by corporate insiders.
Shutterstock (NYSE:SSTK) last posted its quarterly earnings data on Wednesday, August 1st. The business services provider reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.11. Shutterstock had a return on equity of 7.82% and a net margin of 6.54%. The business had revenue of $156.60 million for the quarter, compared to analyst estimates of $156.40 million. During the same quarter in the prior year, the company earned $0.24 earnings per share. The company’s revenue was up 16.9% on a year-over-year basis. Sell-side analysts predict that Shutterstock Inc will post 0.78 EPS for the current fiscal year.
SSTK has been the topic of a number of research reports. SunTrust Banks restated a “hold” rating and set a $48.00 price target on shares of Shutterstock in a research note on Wednesday, August 1st. ValuEngine upgraded Shutterstock from a “hold” rating to a “buy” rating in a research note on Tuesday, October 2nd. Jefferies Financial Group restated a “sell” rating and set a $44.00 price target on shares of Shutterstock in a research note on Thursday, August 2nd. Finally, Deutsche Bank upped their price target on Shutterstock from $40.00 to $43.00 and gave the stock a “hold” rating in a research note on Wednesday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $43.40.
Shutterstock Company Profile
Shutterstock, Inc provides content products and services in North America, Europe, and internationally. It offers digital imagery services, which include licensed photographs, vectors, illustrations, and video clips that customers use in their visual communications, such as Websites, digital and print marketing materials, corporate communications, books, publications, and video content; and commercial music services comprising music tracks and sound effects that are used to complement digital imagery.
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