Shutterstock, Inc. (NYSE:SSTK) Shares Sold by Carolina Wealth Advisors LLC

Carolina Wealth Advisors LLC reduced its stake in Shutterstock, Inc. (NYSE:SSTK) by 4.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 112,253 shares of the business services provider’s stock after selling 5,248 shares during the period. Shutterstock makes up about 2.0% of Carolina Wealth Advisors LLC’s investment portfolio, making the stock its 20th biggest holding. Carolina Wealth Advisors LLC’s holdings in Shutterstock were worth $3,970,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Truvestments Capital LLC purchased a new position in shares of Shutterstock in the first quarter valued at $42,000. Allspring Global Investments Holdings LLC grew its stake in shares of Shutterstock by 31,733.3% during the second 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 in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Shutterstock during the second quarter worth about $41,000. Quarry LP lifted its stake in shares of Shutterstock by 313.0% in the second quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock worth $43,000 after acquiring an additional 842 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Shutterstock by 69.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock worth $79,000 after purchasing an additional 838 shares during the last quarter. 82.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SSTK shares. Needham & Company LLC restated a “buy” rating and issued a $65.00 price target on shares of Shutterstock in a research note on Tuesday, August 6th. Morgan Stanley cut their target price on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday. Finally, StockNews.com upgraded Shutterstock from a “hold” rating to a “buy” rating in a research note on Tuesday, October 1st.

Shutterstock Stock Performance

Shares of Shutterstock stock traded down $0.83 during trading hours on Monday, reaching $29.51. The company’s stock had a trading volume of 289,232 shares, compared to its average volume of 504,676. Shutterstock, Inc. has a one year low of $29.26 and a one year high of $54.40. The company’s 50 day simple moving average is $33.91 and its 200 day simple moving average is $37.87. The stock has a market cap of $1.05 billion, a P/E ratio of 22.73 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last posted its earnings results on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.01). Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The company had revenue of $220.05 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. On average, sell-side analysts predict that Shutterstock, Inc. will post 2.99 earnings per share for the current fiscal year.

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.