Hennion & Walsh Asset Management Inc. Sells 10,445 Shares of Shutterstock, Inc. (NYSE:SSTK)

Hennion & Walsh Asset Management Inc. lessened its holdings in Shutterstock, Inc. (NYSE:SSTK) by 40.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,116 shares of the business services provider’s stock after selling 10,445 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Shutterstock were worth $692,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of SSTK. Deutsche Bank AG boosted its holdings in shares of Shutterstock by 9.6% in the 3rd quarter. Deutsche Bank AG now owns 12,542 shares of the business services provider’s stock worth $477,000 after purchasing an additional 1,101 shares during the period. PNC Financial Services Group Inc. boosted its stake in Shutterstock by 47.4% during the third quarter. PNC Financial Services Group Inc. now owns 2,965 shares of the business services provider’s stock worth $113,000 after buying an additional 954 shares during the period. Envestnet Asset Management Inc. increased its position in Shutterstock by 30.1% during the third quarter. Envestnet Asset Management Inc. now owns 102,717 shares of the business services provider’s stock valued at $3,908,000 after acquiring an additional 23,750 shares during the last quarter. Schonfeld Strategic Advisors LLC raised its stake in shares of Shutterstock by 33.7% in the third quarter. Schonfeld Strategic Advisors LLC now owns 87,189 shares of the business services provider’s stock valued at $3,318,000 after acquiring an additional 21,989 shares during the period. Finally, Quadrature Capital Ltd lifted its holdings in shares of Shutterstock by 9.0% in the 3rd quarter. Quadrature Capital Ltd now owns 20,085 shares of the business services provider’s stock worth $765,000 after acquiring an additional 1,663 shares during the last quarter. Institutional investors own 82.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SSTK. Truist Financial dropped their price target on shares of Shutterstock from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, May 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 target price on shares of Shutterstock in a research note on Tuesday, May 14th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Shutterstock currently has an average rating of “Moderate Buy” and a consensus price target of $62.50.

Insider Activity

In other Shutterstock news, insider John Caine sold 1,974 shares of the stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $43.30, for a total transaction of $85,474.20. Following the transaction, the insider now directly owns 7,413 shares in the company, valued at approximately $320,982.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Jarrod Yahes acquired 5,350 shares of the firm’s stock in a transaction that occurred on 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 purchase, the chief financial officer now directly owns 43,904 shares of the company’s stock, valued at approximately $1,639,814.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Caine sold 1,974 shares of the firm’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $43.30, for a total value of $85,474.20. Following the sale, the insider now directly owns 7,413 shares in the company, valued at approximately $320,982.90. The disclosure for this sale can be found here. Insiders own 32.00% of the company’s stock.

Shutterstock Price Performance

SSTK stock opened at $35.76 on Wednesday. Shutterstock, Inc. has a 12 month low of $33.80 and a 12 month high of $58.42. The firm’s 50-day moving average is $39.78 and its 200 day moving average is $44.30. The company has a market capitalization of $1.28 billion, a PE ratio of 13.86 and a beta of 1.12.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results on Thursday, May 2nd. The business services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.16. Shutterstock had a net margin of 10.71% and a return on equity of 21.14%. The firm had revenue of $214.32 million during the quarter, compared to the consensus estimate of $211.03 million. Sell-side analysts forecast that Shutterstock, Inc. will post 3.38 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date was Thursday, May 30th. Shutterstock’s payout ratio is 46.51%.

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.