Jennison Associates LLC Invests $1.04 Million in Shutterstock, Inc. (NYSE:SSTK)

Jennison Associates LLC acquired a new position in shares of Shutterstock, Inc. (NYSE:SSTK) in the 3rd quarter, Holdings Channel reports. The fund acquired 9,135 shares of the business services provider’s stock, valued at approximately $1,035,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of SSTK. Conestoga Capital Advisors LLC purchased a new stake in shares of Shutterstock during the third quarter valued at approximately $46,898,000. Vanguard Group Inc. raised its holdings in Shutterstock by 6.9% in the second quarter. Vanguard Group Inc. now owns 2,898,493 shares of the business services provider’s stock worth $284,545,000 after purchasing an additional 186,139 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Shutterstock by 52.1% during the second quarter. Invesco Ltd. now owns 388,698 shares of the business services provider’s stock valued at $38,158,000 after acquiring an additional 133,117 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Shutterstock by 99.2% during the third quarter. Nordea Investment Management AB now owns 253,478 shares of the business services provider’s stock valued at $28,986,000 after acquiring an additional 126,202 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Shutterstock by 14.5% during the second quarter. State Street Corp now owns 834,646 shares of the business services provider’s stock valued at $81,937,000 after acquiring an additional 105,426 shares in the last quarter. 65.16% of the stock is owned by institutional investors and hedge funds.

SSTK opened at $93.48 on Friday. The business has a fifty day moving average of $111.12 and a 200 day moving average of $111.12. Shutterstock, Inc. has a 52-week low of $62.21 and a 52-week high of $128.36. The stock has a market cap of $3.42 billion, a P/E ratio of 34.49, a PEG ratio of 3.63 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last issued its earnings results on Tuesday, October 26th. The business services provider reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.12. Shutterstock had a return on equity of 23.73% and a net margin of 13.48%. The business had revenue of $194.40 million during the quarter, compared to analysts’ expectations of $185.84 million. During the same period in the prior year, the business earned $0.63 EPS. The business’s revenue for the quarter was up 17.6% compared to the same quarter last year. Sell-side analysts anticipate that Shutterstock, Inc. will post 2.4 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, December 16th. Stockholders of record on Thursday, December 2nd were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.90%. The ex-dividend date of this dividend was Wednesday, December 1st. Shutterstock’s payout ratio is 31.00%.

Several equities research analysts recently commented on SSTK shares. JMP Securities increased their price objective on Shutterstock from $123.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, October 27th. Needham & Company LLC raised their price objective on Shutterstock from $120.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, October 27th. Finally, Zacks Investment Research downgraded Shutterstock from a “buy” rating to a “hold” rating in a research note on Wednesday, November 10th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Shutterstock currently has a consensus rating of “Buy” and an average price target of $126.17.

In other Shutterstock news, Director Thomas R. Evans sold 2,570 shares of the stock in a transaction that occurred on Friday, November 5th. The stock was sold at an average price of $121.44, for a total transaction of $312,100.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Jonathan Oringer sold 16,950 shares of the stock in a transaction that occurred on Tuesday, January 11th. The shares were sold at an average price of $99.27, for a total value of $1,682,626.50. The disclosure for this sale can be found here. Insiders have sold a total of 192,522 shares of company stock worth $21,433,840 over the last ninety days. 37.40% of the stock is currently owned by corporate insiders.

Shutterstock Profile

Shutterstock, Inc engages in the operation of marketplace for licensed content. The firm licenses images, video, music, editorial assets, and custom content tailored to a brand’s needs. It operates through the Content Business and Other Category segments. The Content segment consists of Bigstock, Music, and Editorial.

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Want to see what other hedge funds are holding SSTK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shutterstock, Inc. (NYSE:SSTK).

Institutional Ownership by Quarter for Shutterstock (NYSE:SSTK)

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