Hillsdale Investment Management Inc. Lowers Stock Holdings in Shutterstock, Inc. (NYSE:SSTK)

Hillsdale Investment Management Inc. trimmed its position in shares of Shutterstock, Inc. (NYSE:SSTK) by 15.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 70,000 shares of the business services provider’s stock after selling 12,485 shares during the quarter. Hillsdale Investment Management Inc. owned 0.20% of Shutterstock worth $3,207,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Shutterstock by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 2,926,166 shares of the business services provider’s stock valued at $134,048,000 after purchasing an additional 47,929 shares in the last quarter. LSV Asset Management raised its position in Shutterstock by 30.9% in the 1st quarter. LSV Asset Management now owns 1,793,785 shares of the business services provider’s stock valued at $82,173,000 after purchasing an additional 422,942 shares in the last quarter. TD Asset Management Inc raised its position in Shutterstock by 74.1% in the 1st quarter. TD Asset Management Inc now owns 1,578,386 shares of the business services provider’s stock valued at $72,306,000 after purchasing an additional 671,995 shares in the last quarter. Copeland Capital Management LLC raised its position in shares of Shutterstock by 37.3% during the 4th quarter. Copeland Capital Management LLC now owns 1,394,278 shares of the business services provider’s stock worth $67,316,000 after acquiring an additional 378,450 shares in the last quarter. Finally, Trigran Investments Inc. raised its position in shares of Shutterstock by 15.5% during the 4th quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock worth $58,647,000 after acquiring an additional 163,268 shares in the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

Shutterstock Price Performance

Shares of NYSE:SSTK traded up $0.53 during trading on Monday, reaching $41.15. The company had a trading volume of 342,328 shares, compared to its average volume of 482,110. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 15.97 and a beta of 1.12. The stock’s fifty day moving average price is $39.08 and its 200 day moving average price is $43.40. Shutterstock, Inc. has a fifty-two week low of $33.80 and a fifty-two week high of $54.40.

Shutterstock (NYSE:SSTK) last released its earnings results on Thursday, May 2nd. The business services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.16. The business had revenue of $214.32 million for the quarter, compared to analyst estimates of $211.03 million. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. On average, equities analysts anticipate that Shutterstock, Inc. will post 3.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Paul J. Hennessy bought 12,500 shares of the stock in a transaction on Thursday, May 23rd. The shares were bought at an average price of $38.38 per share, with a total value of $479,750.00. Following the completion of the acquisition, the chief executive officer now owns 87,803 shares of the company’s stock, valued at $3,369,879.14. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider John Caine sold 5,439 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $42.91, for a total value of $233,387.49. Following the sale, the insider now directly owns 1,974 shares in the company, valued at $84,704.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Paul J. Hennessy acquired 12,500 shares of Shutterstock stock in a transaction dated Thursday, May 23rd. The stock was bought at an average price of $38.38 per share, for a total transaction of $479,750.00. Following the completion of the transaction, the chief executive officer now directly owns 87,803 shares of the company’s stock, valued at $3,369,879.14. The disclosure for this purchase can be found here. 32.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SSTK shares. Needham & Company LLC reissued a “buy” rating and set a $65.00 target price on shares of Shutterstock in a research report on Tuesday, May 14th. Truist Financial cut their target price on Shutterstock from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, May 6th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Shutterstock currently has an average rating of “Moderate Buy” and a consensus target price of $62.50.

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.