41,618 Shares in Shutterstock, Inc. (NYSE:SSTK) Bought by Edgestream Partners L.P.

Edgestream Partners L.P. purchased a new stake in Shutterstock, Inc. (NYSE:SSTK) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 41,618 shares of the business services provider’s stock, valued at approximately $2,026,000. Edgestream Partners L.P. owned about 0.12% of Shutterstock as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in shares of Shutterstock by 14.3% in the first quarter. BlackRock Inc. now owns 4,600,660 shares of the business services provider’s stock worth $334,008,000 after buying an additional 574,188 shares during the last quarter. Norges Bank acquired a new stake in shares of Shutterstock during the 4th quarter worth approximately $21,436,000. Pacer Advisors Inc. purchased a new position in shares of Shutterstock during the 2nd quarter valued at approximately $13,239,000. Macquarie Group Ltd. lifted its stake in shares of Shutterstock by 18.6% in the 1st quarter. Macquarie Group Ltd. now owns 1,617,721 shares of the business services provider’s stock valued at $117,447,000 after purchasing an additional 253,606 shares during the period. Finally, Intrinsic Edge Capital Management LLC purchased a new stake in Shutterstock during the first quarter worth $10,665,000. 81.68% of the stock is owned by institutional investors and hedge funds.

Shutterstock Trading Up 2.4 %

NYSE:SSTK opened at $44.99 on Monday. The stock has a 50 day moving average of $38.84 and a two-hundred day moving average of $44.96. Shutterstock, Inc. has a 12 month low of $33.80 and a 12 month high of $81.23. The firm has a market cap of $1.61 billion, a P/E ratio of 13.84 and a beta of 1.10.

Shutterstock Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Thursday, November 30th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Wednesday, November 29th. Shutterstock’s payout ratio is 33.23%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SSTK. Redburn Atlantic cut their price objective on shares of Shutterstock from $84.00 to $65.00 in a report on Tuesday, October 3rd. StockNews.com upgraded Shutterstock from a “hold” rating to a “buy” rating in a research report on Wednesday, November 1st. TheStreet cut Shutterstock from a “b-” rating to a “c+” rating in a research report on Monday, August 7th. Morgan Stanley reduced their target price on Shutterstock from $83.00 to $55.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 1st. Finally, Needham & Company LLC dropped their price target on shares of Shutterstock from $76.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, November 1st. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.25.

About Shutterstock

Shutterstock, Inc, a technology company, provides quality content, and creative workflow solutions in North America, Europe, and internationally. It 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, and 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.