Shutterstock (NYSE:SSTK) Shares Down 5.5% on Insider Selling

Shutterstock, Inc. (NYSE:SSTK)’s share price fell 5.5% during trading on Friday following insider selling activity. The stock traded as low as $39.45 and last traded at $39.45. 287,459 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 493,640 shares. The stock had previously closed at $41.75.

Specifically, insider John Caine sold 1,974 shares of the company’s stock in a transaction on Friday, April 5th. The stock was sold at an average price of $43.30, for a total transaction of $85,474.20. Following the sale, the insider now owns 7,413 shares of the company’s stock, valued at $320,982.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders sold 12,853 shares of company stock worth $575,630. Corporate insiders own 32.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on SSTK. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Shutterstock in a research report on Thursday. Morgan Stanley assumed coverage on Shutterstock in a research note on Thursday, February 22nd. They set an “equal weight” rating and a $55.00 price target on the stock. Truist Financial reduced their price objective on Shutterstock from $85.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. Finally, StockNews.com lowered shares of Shutterstock from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 29th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $62.50.

Shutterstock Stock Performance

The company has a 50-day moving average of $45.32 and a 200-day moving average of $45.05. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 12.95 and a beta of 1.13.

Shutterstock (NYSE:SSTK) last released its earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.13. Shutterstock had a return on equity of 23.04% and a net margin of 12.61%. The business had revenue of $217.22 million for the quarter, compared to analyst estimates of $224.04 million. As a group, equities research analysts forecast that Shutterstock, Inc. will post 3.13 EPS for the current year.

Shutterstock Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Thursday, May 30th. Shutterstock’s dividend payout ratio (DPR) is presently 39.60%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SSTK. SRS Capital Advisors Inc. boosted its stake in shares of Shutterstock by 433.3% in the fourth quarter. SRS Capital Advisors Inc. now owns 592 shares of the business services provider’s stock valued at $29,000 after buying an additional 481 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of Shutterstock by 48.7% during the 4th quarter. Fifth Third Bancorp now owns 883 shares of the business services provider’s stock worth $43,000 after purchasing an additional 289 shares during the period. First Horizon Advisors Inc. increased its holdings in shares of Shutterstock by 58.5% in the 4th quarter. First Horizon Advisors Inc. now owns 894 shares of the business services provider’s stock valued at $43,000 after purchasing an additional 330 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Shutterstock by 317.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,170 shares of the business services provider’s stock valued at $56,000 after purchasing an additional 890 shares during the period. Finally, Covestor Ltd boosted its holdings in Shutterstock by 77.2% during the third quarter. Covestor Ltd now owns 2,327 shares of the business services provider’s stock worth $88,000 after buying an additional 1,014 shares in the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

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.