Invenomic Capital Management LP Purchases 132,055 Shares of Shutterstock, Inc. (NYSE:SSTK)

Invenomic Capital Management LP boosted its position in shares of Shutterstock, Inc. (NYSE:SSTK) by 28.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 601,490 shares of the business services provider’s stock after buying an additional 132,055 shares during the quarter. Shutterstock makes up about 0.9% of Invenomic Capital Management LP’s holdings, making the stock its 28th biggest holding. Invenomic Capital Management LP owned about 1.73% of Shutterstock worth $18,255,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Amundi raised its stake in shares of Shutterstock by 26.2% during the fourth quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after acquiring an additional 488 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Shutterstock by 167.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider’s stock valued at $76,000 after purchasing an additional 1,565 shares during the last quarter. R Squared Ltd purchased a new stake in Shutterstock in the 4th quarter worth approximately $108,000. Palouse Capital Management Inc. grew its position in shares of Shutterstock by 13.7% in the 4th quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock worth $132,000 after buying an additional 525 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Shutterstock during the fourth quarter valued at approximately $134,000. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. StockNews.com upgraded shares of Shutterstock from a “hold” rating to a “buy” rating in a report on Monday, May 5th. Needham & Company LLC cut their target price on shares of Shutterstock from $45.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, March 7th. Truist Financial downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research report on Monday, May 5th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $45.33.

Shutterstock Stock Down 0.4 %

Shares of Shutterstock stock opened at $18.69 on Friday. Shutterstock, Inc. has a 1 year low of $14.35 and a 1 year high of $46.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The company has a 50-day moving average of $17.58 and a 200 day moving average of $25.76. The firm has a market cap of $658.90 million, a price-to-earnings ratio of 18.32 and a beta of 1.10.

Shutterstock (NYSE:SSTK) last released its earnings results on Friday, May 2nd. The business services provider reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.23). Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business had revenue of $242.62 million for the quarter, compared to analysts’ expectations of $249.44 million. During the same quarter in the previous year, the business posted $1.13 earnings per share. Shutterstock’s revenue for the quarter was up 13.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Thursday, June 5th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $1.32 annualized dividend and a dividend yield of 7.06%. Shutterstock’s payout ratio is presently 121.10%.

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.