Jackson Square Partners LLC Sells 278,974 Shares of Shutterstock, Inc. (SSTK)

Jackson Square Partners LLC cut its position in shares of Shutterstock, Inc. (NYSE:SSTK) by 11.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,214,445 shares of the business services provider’s stock after selling 278,974 shares during the quarter. Jackson Square Partners LLC owned 6.39% of Shutterstock worth $73,718,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SSTK. Municipal Employees Retirement System of Michigan boosted its holdings in Shutterstock by 1.8% during the second quarter. Municipal Employees Retirement System of Michigan now owns 4,490 shares of the business services provider’s stock valued at $198,000 after purchasing an additional 80 shares in the last quarter. Texas Permanent School Fund boosted its holdings in Shutterstock by 1.0% during the second quarter. Texas Permanent School Fund now owns 13,880 shares of the business services provider’s stock valued at $612,000 after purchasing an additional 137 shares in the last quarter. Teachers Advisors LLC boosted its holdings in Shutterstock by 0.9% during the second quarter. Teachers Advisors LLC now owns 33,365 shares of the business services provider’s stock valued at $1,471,000 after purchasing an additional 311 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Shutterstock by 17.6% during the second quarter. Victory Capital Management Inc. now owns 2,660 shares of the business services provider’s stock valued at $117,000 after purchasing an additional 398 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its holdings in Shutterstock by 1.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 83,914 shares of the business services provider’s stock valued at $3,699,000 after purchasing an additional 878 shares in the last quarter. 59.95% of the stock is currently owned by institutional investors and hedge funds.

A number of equities research analysts have weighed in on the company. Cantor Fitzgerald reaffirmed a “hold” rating and set a $40.00 price objective on shares of Shutterstock in a report on Tuesday, October 31st. Zacks Investment Research downgraded Shutterstock from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. SunTrust Banks assumed coverage on Shutterstock in a report on Tuesday, August 15th. They issued a “hold” rating and a $36.00 target price on the stock. BidaskClub downgraded Shutterstock from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 7th. Finally, Jefferies Group downgraded Shutterstock from a “hold” rating to an “underperform” rating and reduced their target price for the stock from $50.00 to $30.00 in a report on Thursday, August 24th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Shutterstock presently has an average rating of “Hold” and an average price target of $39.17.

In related news, insider Jeffrey Kane Weiser sold 4,449 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $38.00, for a total value of $169,062.00. Following the completion of the transaction, the insider now owns 30,500 shares in the company, valued at approximately $1,159,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 47.30% of the company’s stock.

Shutterstock, Inc. (NYSE:SSTK) traded up $0.30 during mid-day trading on Thursday, reaching $41.14. 312,800 shares of the company traded hands, compared to its average volume of 345,903. Shutterstock, Inc. has a 1 year low of $29.85 and a 1 year high of $55.07. The company has a market cap of $1,416.13, a PE ratio of 51.70 and a beta of 1.50.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings data on Tuesday, October 31st. The business services provider reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.01. Shutterstock had a net margin of 4.58% and a return on equity of 9.71%. The firm had revenue of $141.10 million during the quarter, compared to analysts’ expectations of $133.24 million. During the same quarter in the previous year, the company posted $0.40 EPS. Shutterstock’s revenue was up 14.6% on a year-over-year basis. research analysts forecast that Shutterstock, Inc. will post 0.69 EPS for the current year.

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About Shutterstock

Shutterstock, Inc (Shutterstock) is a global technology company that operates a two-sided marketplace for professionals to license content. The Company’s library of content includes digital imagery, which consists of licensed photographs, vectors, illustrations and video clips that customers use in their visual communications, such as Websites, digital and print marketing materials, corporate communications, books, publications and video content, and commercial music, which consists of music tracks and sound effects and which is often used to complement digital imagery.

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Institutional Ownership by Quarter for Shutterstock (NYSE:SSTK)

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