Victory Capital Management Inc. Reduces Stock Holdings in Shutterstock, Inc. (NYSE:SSTK)

Victory Capital Management Inc. lessened its stake in shares of Shutterstock, Inc. (NYSE:SSTK) by 4.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 163,255 shares of the business services provider’s stock after selling 8,184 shares during the quarter. Victory Capital Management Inc. owned about 0.46% of Shutterstock worth $6,318,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SSTK. Truvestments Capital LLC purchased a new stake in Shutterstock in the first quarter valued at $42,000. Allspring Global Investments Holdings LLC grew its stake in Shutterstock by 31,733.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after buying an additional 952 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new position in Shutterstock during the second quarter worth approximately $41,000. Nisa Investment Advisors LLC lifted its stake in Shutterstock by 69.6% in the second quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock valued at $79,000 after buying an additional 838 shares during the last quarter. Finally, BOKF NA acquired a new stake in shares of Shutterstock in the first quarter valued at approximately $139,000. Institutional investors and hedge funds own 82.79% of the company’s stock.

Wall Street Analysts Forecast Growth

SSTK has been the subject of several research reports. StockNews.com upgraded shares of Shutterstock from a “hold” rating to a “buy” rating in a research report on Saturday. Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 target price on shares of Shutterstock in a report on Tuesday, August 6th. Finally, Morgan Stanley raised their price target on Shutterstock from $55.00 to $58.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd.

Shutterstock Stock Performance

SSTK stock opened at $33.50 on Monday. Shutterstock, Inc. has a one year low of $32.38 and a one year high of $54.40. The company has a fifty day moving average of $37.29 and a 200-day moving average of $40.48. The stock has a market capitalization of $1.19 billion, a PE ratio of 12.98 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). The business had revenue of $220.05 million during the quarter, compared to analysts’ expectations of $213.44 million. Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. Shutterstock’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.76 EPS. Equities analysts forecast that Shutterstock, Inc. will post 3.22 earnings per share for the current fiscal year.

Shutterstock Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.58%. The ex-dividend date was Thursday, August 29th. 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.