Shutterstock, Inc. (NYSE:SSTK – Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $13.22, but opened at $15.70. Shutterstock shares last traded at $15.4450, with a volume of 437,414 shares.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on the company. Citigroup raised Shutterstock from a “neutral” rating to a “buy” rating and set a $7.00 target price for the company in a research report on Friday, June 5th. Wall Street Zen lowered shares of Shutterstock from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. Zacks Research cut shares of Shutterstock from a “hold” rating to a “strong sell” rating in a research report on Thursday, June 11th. Finally, Weiss Ratings lowered shares of Shutterstock from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 4th. One research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, Shutterstock currently has an average rating of “Reduce” and a consensus target price of $7.00.
View Our Latest Analysis on SSTK
Shutterstock Stock Performance
Shutterstock Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, June 4th were paid a dividend of $0.36 per share. The ex-dividend date was Thursday, June 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 8.8%. Shutterstock’s payout ratio is presently -248.28%.
Institutional Trading of Shutterstock
Hedge funds and other institutional investors have recently bought and sold shares of the business. Balyasny Asset Management L.P. grew its stake in Shutterstock by 229.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 804,655 shares of the business services provider’s stock worth $15,369,000 after buying an additional 560,617 shares during the last quarter. Callodine Capital Management LP lifted its stake in Shutterstock by 86.0% in the third quarter. Callodine Capital Management LP now owns 768,705 shares of the business services provider’s stock valued at $16,027,000 after buying an additional 355,478 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Shutterstock by 109.3% in the first quarter. Millennium Management LLC now owns 626,615 shares of the business services provider’s stock valued at $11,674,000 after acquiring an additional 327,203 shares during the period. UBS Group AG boosted its holdings in shares of Shutterstock by 72.7% in the third quarter. UBS Group AG now owns 547,241 shares of the business services provider’s stock valued at $11,410,000 after acquiring an additional 230,413 shares during the period. Finally, Adage Capital Partners GP L.L.C. purchased a new position in shares of Shutterstock during the fourth quarter worth approximately $3,763,000. 82.79% of the stock is currently owned by institutional investors and hedge funds.
About Shutterstock
Shutterstock, Inc (NYSE:SSTK) operates a leading global creative platform that provides royalty-free stock content to businesses, marketing agencies and media outlets. Its primary offerings include high-resolution photographs, vector graphics, illustrations, video footage and music tracks, all available through subscription plans or on-demand licensing. The platform also features customizable design tools and collaborative workspaces that enable customers to create and manage visual content more efficiently.
Founded in 2003 by Jon Oringer, Shutterstock began as an online marketplace offering a modest selection of images and quickly scaled its library to hundreds of millions of assets.
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