On August 20, 2023, it was reported that Russell Investments Group Ltd. had increased its holdings in shares of Shutterstock, Inc. by 46.6% during the first quarter of the year. According to the company’s most recent disclosure with the Securities and Exchange Commission (SEC), the institutional investor now owns 97,945 shares of Shutterstock’s stock after purchasing an additional 31,127 shares during this period. This represents approximately 0.27% of Shutterstock and is valued at $7,111,000 based on the most recent SEC filing.
Recent comments from several equities research analysts have also shed light on Shutterstock’s performance. TheStreet published a research note on August 7th downgrading Shutterstock’s rating from “b-” to “c+.” Similarly, Needham & Company LLC lowered their price objective for Shutterstock from $90.00 to $76.00 in another research note released on August 2nd. Truist Financial also decreased their price objective for Shutterstock from $88.00 to $85.00 but maintained a “buy” rating for the company in their own research note published on the same day.
Furthermore, StockNews.com initiated coverage on Shutterstock and assigned a “hold” rating in their research note on Thursday. Morgan Stanley decreased their target price for Shutterstock from $88.00 to $83.00 and gave it an “equal weight” rating in a research report released on August 2nd.
These analyst reviews indicate a mixed sentiment towards Shutterstock with three analysts giving it a hold rating and three others issuing a buy recommendation for the stock. Bloomberg.com reports that based on these ratings, the consensus view is currently categorized as “Moderate Buy,” with a consensus target price of $81.33.
As of Friday’s market opening on NYSE SSTK, Shutterstock was priced at $41.47 per share. The company holds a market capitalization of $1.50 billion, a price-to-earnings (PE) ratio of 13.38, and a beta of 1.18. Shutterstock’s fifty-day moving average stands at $48.66, while its two hundred-day moving average is at $60.10. The stock has experienced a one-year low of $40.61 and a one-year high of $81.23.
These figures provide investors with an overview of Shutterstock’s recent performance as well as insights from equities research analysts on the company’s stock rating and price objectives. It is important for potential investors to consider all relevant information before making any investment decisions in the stock market.
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Institutional Investors Show Confidence in Shutterstock with Increased Holdings and Insider Sell-Offs
In recent news, several hedge funds and institutional investors have made notable changes to their holdings of Shutterstock Inc., a prominent business services provider. The Arizona State Retirement System, for instance, has increased its position in the company by 2.3% during the first quarter. As a result, they now own 7,264 shares of Shutterstock’s stock with an estimated value of $527,000, having acquired an additional 160 shares in the last quarter.
Similarly, Covestor Ltd has also witnessed a significant uplift in their position of Shutterstock. Their holdings now amount to 349 shares valued at $33,000—an increase of 88.6% from the previous quarter when they acquired an extra 164 shares.
Marshall Wace LLP is yet another institutional investor that enhanced its position in Shutterstock by 2.1% during the fourth quarter. Currently, they own approximately 8,100 shares worth $427,000 after acquiring an additional 169 shares in the last quarter.
Completing this list is Neuberger Berman Group LLC which raised its stakes in Shutterstock by 6.8% during the first quarter. With an addition of 204 shares during this period, their total stock ownership currently stands at 3,208 shares valued at $298,000.
Furthermore, PNC Financial Services Group Inc., a financial institution known for prudent investment decisions, saw fit to increase its stake in Shutterstock as well. Their latest transaction involved purchasing an additional 207 shares during the fourth quarter, bringing their total ownership to 2,505 shares worth $132,000.
Combining these developments provides impactful information for investors; it is clear that many institutional investors are recognizing the potential growth and value of Shutterstock as demonstrated through their actions to enhance their positions.
In terms of insider activity within Shutterstock itself, Chairman Jonathan Oringer recently made a substantial sell-off of company stock on Wednesday, July 5th. The transaction involved the disposal of 33,630 shares at an average price of $50.04 per share, resulting in a total value of $1,682,845.20. As a result of this sale, Oringer now holds 11,240,724 shares valued at $562,485,828.96.
It is worth noting that over the last quarter alone, company insiders have sold 171,779 shares of Shutterstock’s stock with a total value of $9,016,658. This equates to approximately 32.30% ownership by corporate insiders.
Despite these changes in shareholding and insider transactions, Shutterstock remains committed to providing value to its investors through various means. For instance, the company recently announced a quarterly dividend which will be disbursed on Thursday, September 14th. Investors who are officially recorded as shareholders on Thursday, August 31st will be eligible for this dividend payout of $0.27 per share.
In conclusion, the recent modifications made by hedge funds and institutional investors in relation to their holdings in Shutterstock indicate their confidence and belief in the growth potential of the business services provider. As evidenced by noteworthy transactions and the announcement of dividends being paid out to investors shortly; it is clear that Shutterstock aims to deliver benefits not only through future stock appreciation but also through regular monetary returns to its shareholders as well.