Envestnet Asset Management Inc. has recently increased its position in Shutterstock Inc. by 4.2% during the fourth quarter, according to its latest filing with the Securities and Exchange Commission. The institutional investor now possesses 74,705 shares of the stock, equating to roughly 0.21% of Shutterstock’s total worth, or $3,938,000. This comes as Chairman Jonathan Oringer had sold 2,200 shares of his own personal stock in a transaction that was noticed on March 2nd. It is important to note that these transactions should not be a cause for immediate concern among shareholders or investors.
After these transactions were completed some concerned individuals may have speculated about how they would impact upon Shutterstock’s future earnings and growth potential; however, it is necessary to approach this situation logically and observe these movements within the context of wider market fluctuations and trends.
Nevertheless, insider trading is a legitimate area of interest that tracks when key personnel within an organization buy or sell their own company’s shares – though this can sometimes send negative signals to investors or customers about where they believe the company’s future direction is headed.
Shutterstock announced on May 16th that it will soon be paying out a quarterly dividend beginning June 15th. Stockholders who are registered as owners on record by June 1st will receive $0.27 per share paid out as part of this dividend. This announcement shows confidence from Shutterstock in delivering returns to shareholders while reflecting positively on the company’s overall performance so far.
Overall, small shifts in positions held by initial investors at Envestnet Asset Management Inc., along with transactions made by senior leaders such as Chairman Jonathan Oringer and Steven Ciardiello should be considered only as one data point among many influencing factors surrounding Shutterstock’s business operations going forward into Q3 & Q4 2023.
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Institutional Investors Boost Holdings in Shutterstock Inc., Initiating Confidence in Future
Shutterstock, Inc. has been making waves in the stock market recently with several institutional investors modifying their holdings of SSTK. In the third quarter, Quantbot Technologies LP boosted its stake by 7.3%, now owning 20,111 shares of Shutterstock’s stock valued at $1,008,000 after purchasing an additional 1,362 shares. Similarly, Aurora Investment Counsel acquired a new stake valued at $1,434,000 while Ellevest Inc. and Epoch Investment Partners Inc. also acquired new positions in the company.
Bessemer Group Inc., on the other hand, took a different approach by increasing their stake in Shutterstock by 44.6%, ending up with 96,481 shares worth $4,840,000 after adding an additional 29,775 shares in the last quarter. With these moves made by institutional investors and hedge funds representing 70.01% of SSTK’s stock ownership as of May 16th , it appears that there is considerable confidence in this business services provider’s future.
In terms of numbers for shareholders to observe on Tuesday’s opening at NYSE:SSTK – Shutterstock posted a market cap of $1.91 billion along with a price-to-earnings ratio of 23.43 and a PEG ratio of 2.96 while sporting a beta of 1.20 months ago during this report’s writing period . The company saw record numbers back in May [of what year? missing data], with stocks reaching a high point of $81.23 per share before dropping down to a low point during Q3 where they reached only $44.61 per share.
Breaking down analyst predictions for SSTK’s future outlook: StockNews.com initiated coverage on it issuing a “buy” rating on March 16th; Needham & Company LLC restated a “buy” rating and assigned it a target price of $90 on March 6th; Truist Financial boosted its target price from $86.00 to $88.00 back in April and TheStreet improved Shutterstock from a “C+” rating to a “B-“ rating on January 17th . Morgan Stanley, meanwhile, upped its price objective on Shutterstock from $47 to $84 and gave the company an “equal weight” rating in February.
Two equities research analysts have given SSTK shares hold ratings while four have given it buy ratings. According to data collated by Bloomberg.com, Shutterstock’s current consensus rating as of the article’s writing sits at a “Moderate Buy” with an average target price point of $96.75 for potential investors who are keeping tabs on this currently performing business services provider.
