Rubric Capital Management LP Takes Position in Shutterstock, Inc. (NYSE:SSTK)

Rubric Capital Management LP bought a new stake in Shutterstock, Inc. (NYSE:SSTK) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 381,631 shares of the business services provider’s stock, valued at approximately $14,769,000. Rubric Capital Management LP owned 1.08% of Shutterstock at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Shutterstock by 3.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 286,729 shares of the business services provider’s stock valued at $13,843,000 after buying an additional 10,389 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Shutterstock in the fourth quarter valued at approximately $213,000. Dimensional Fund Advisors LP boosted its stake in shares of Shutterstock by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 819,656 shares of the business services provider’s stock valued at $39,574,000 after buying an additional 13,899 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Shutterstock by 0.3% in the fourth quarter. Principal Financial Group Inc. now owns 146,428 shares of the business services provider’s stock valued at $7,070,000 after buying an additional 372 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in shares of Shutterstock by 469.3% in the fourth quarter. TD Asset Management Inc now owns 906,391 shares of the business services provider’s stock valued at $43,761,000 after buying an additional 747,180 shares in the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on SSTK. Morgan Stanley lifted their price target on Shutterstock from $55.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Needham & Company LLC reiterated a “buy” rating and set a $65.00 target price on shares of Shutterstock in a research report on Tuesday, August 6th. Finally, StockNews.com upgraded Shutterstock from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th.

Shutterstock Stock Performance

SSTK opened at $35.37 on Friday. The business’s fifty day moving average is $37.08 and its two-hundred day moving average is $40.11. The company has a market cap of $1.27 billion, a price-to-earnings ratio of 13.71 and a beta of 1.09. Shutterstock, Inc. has a one year low of $32.38 and a one year high of $54.40.

Shutterstock (NYSE:SSTK) last released 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 company had revenue of $220.05 million during the quarter, compared to analyst estimates of $213.44 million. During the same period last year, the firm earned $0.76 earnings per share. The business’s revenue was up 5.4% compared to the same quarter last year. On average, analysts predict that Shutterstock, Inc. will post 3.22 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were issued a $0.30 dividend. The ex-dividend date was Thursday, August 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.39%. Shutterstock’s dividend payout ratio (DPR) is 46.51%.

Shutterstock Company Profile

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.