FORA Capital LLC Makes New Investment in Shutterstock, Inc. (NYSE:SSTK)

FORA Capital LLC purchased a new position in Shutterstock, Inc. (NYSE:SSTK) in the 3rd quarter, Holdings Channel.com reports. The fund purchased 9,727 shares of the business services provider’s stock, valued at approximately $344,000.

Several other hedge funds have also added to or reduced their stakes in SSTK. Rubric Capital Management LP bought a new stake in Shutterstock in the second quarter worth $14,769,000. TD Asset Management Inc increased its position in shares of Shutterstock by 13.7% in the second quarter. TD Asset Management Inc now owns 1,793,925 shares of the business services provider’s stock valued at $69,425,000 after acquiring an additional 215,539 shares during the period. Epoch Investment Partners Inc. increased its position in shares of Shutterstock by 22.8% in the second quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock valued at $42,010,000 after acquiring an additional 201,391 shares during the period. Rice Hall James & Associates LLC increased its position in shares of Shutterstock by 40.7% in the third quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider’s stock valued at $18,724,000 after acquiring an additional 153,154 shares during the period. Finally, Tieton Capital Management LLC purchased a new position in shares of Shutterstock in the second quarter valued at about $5,320,000. 82.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SSTK has been the topic of a number of analyst reports. Morgan Stanley decreased their price objective on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, October 21st. StockNews.com cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Truist Financial decreased their price objective on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $55.00 price target on shares of Shutterstock in a research note on Tuesday, October 29th.

Shutterstock Price Performance

SSTK stock opened at $31.68 on Friday. Shutterstock, Inc. has a 1 year low of $28.85 and a 1 year high of $54.40. The company has a market cap of $1.10 billion, a P/E ratio of 31.06 and a beta of 1.10. The firm has a 50-day moving average of $31.87 and a 200 day moving average of $35.78. 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 released its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The company had revenue of $250.59 million during the quarter, compared to the consensus estimate of $240.90 million. During the same period in the prior year, the firm earned $0.99 earnings per share. Shutterstock’s revenue was up 7.4% on a year-over-year basis. On average, sell-side analysts forecast that Shutterstock, Inc. will post 3.07 EPS for the current year.

Shutterstock Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders 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 3.79%. The ex-dividend date is Friday, November 29th. Shutterstock’s dividend payout ratio is 117.65%.

About Shutterstock

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.