Renaissance Technologies LLC Trims Holdings in Shutterstock, Inc. (NYSE:SSTK)

Renaissance Technologies LLC cut its position in shares of Shutterstock, Inc. (NYSE:SSTK) by 33.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 254,901 shares of the business services provider’s stock after selling 130,400 shares during the quarter. Renaissance Technologies LLC owned approximately 0.71% of Shutterstock worth $9,865,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SSTK. Allspring Global Investments Holdings LLC raised its holdings in Shutterstock by 31,733.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock valued at $37,000 after acquiring an additional 952 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new position in Shutterstock during the second quarter worth about $41,000. Truvestments Capital LLC acquired a new stake in Shutterstock in the 1st quarter worth about $42,000. Nisa Investment Advisors LLC grew its holdings in Shutterstock by 69.6% in the 2nd 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 period. Finally, Headlands Technologies LLC increased its stake in shares of Shutterstock by 1,339.2% during the 2nd quarter. Headlands Technologies LLC now owns 3,339 shares of the business services provider’s stock valued at $129,000 after acquiring an additional 3,107 shares during the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

Shutterstock Stock Up 0.4 %

SSTK opened at $35.49 on Tuesday. Shutterstock, Inc. has a 52-week low of $32.38 and a 52-week high of $54.40. The company has a 50 day moving average of $36.98 and a two-hundred day moving average of $39.85. The company has a market cap of $1.27 billion, a P/E ratio of 13.75 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results 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). Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The business had revenue of $220.05 million for the quarter, compared to analysts’ expectations of $213.44 million. During the same period last year, the company posted $0.76 earnings per share. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. Research analysts anticipate that Shutterstock, Inc. will post 3.22 earnings per share for the current year.

Shutterstock Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Thursday, August 29th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend was Thursday, August 29th. Shutterstock’s dividend payout ratio (DPR) is presently 46.51%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SSTK shares. StockNews.com lowered shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Sunday. Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 target price on shares of Shutterstock in a research report on Tuesday, August 6th. Finally, Morgan Stanley boosted their price target on Shutterstock from $55.00 to $58.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd.

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.