Invenomic Capital Management LP Has $16.60 Million Holdings in Shutterstock, Inc. (NYSE:SSTK)

Invenomic Capital Management LP lessened its holdings in shares of Shutterstock, Inc. (NYSE:SSTK) by 16.9% during the third quarter, Holdings Channel.com reports. The institutional investor owned 469,435 shares of the business services provider’s stock after selling 95,455 shares during the quarter. Invenomic Capital Management LP’s holdings in Shutterstock were worth $16,604,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in SSTK. Truvestments Capital LLC purchased a new stake in shares of Shutterstock during the third quarter valued at approximately $31,000. Allspring Global Investments Holdings LLC boosted 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 worth $37,000 after buying an additional 952 shares during the period. 1620 Investment Advisors Inc. bought a new position in shares of Shutterstock in the 2nd quarter valued at about $41,000. Quarry LP increased its position in shares of Shutterstock by 313.0% during 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 during the period. Finally, Nisa Investment Advisors LLC increased its holdings in Shutterstock by 69.6% during the second 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. 82.79% of the stock is currently owned by institutional investors.

Shutterstock Stock Performance

Shares of NYSE SSTK opened at $32.60 on Tuesday. The company has a market capitalization of $1.14 billion, a P/E ratio of 32.40 and a beta of 1.08. The business’s 50-day moving average price is $31.82 and its two-hundred day moving average price is $35.62. Shutterstock, Inc. has a one year low of $28.85 and a one year high of $54.40. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, topping the consensus estimate of $1.06 by $0.25. The company had revenue of $250.59 million during the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.99 EPS. Analysts anticipate that Shutterstock, Inc. will post 3.07 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend is Friday, November 29th. Shutterstock’s dividend payout ratio is currently 117.65%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. StockNews.com lowered shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Truist Financial cut their target price on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Morgan Stanley dropped their target price on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, October 21st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $55.00 price objective on shares of Shutterstock in a research note on Tuesday, October 29th.

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.