Olympiad Research LP Invests $430,000 in Shutterstock, Inc. (NYSE:SSTK)

Olympiad Research LP bought a new position in Shutterstock, Inc. (NYSE:SSTK) during the third quarter, Holdings Channel reports. The firm bought 12,154 shares of the business services provider’s stock, valued at approximately $430,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Shutterstock by 1.7% in the first quarter. Vanguard Group Inc. now owns 2,926,166 shares of the business services provider’s stock valued at $134,048,000 after acquiring an additional 47,929 shares in the last quarter. TD Asset Management Inc grew its position in shares of Shutterstock by 13.7% in the second quarter. TD Asset Management Inc now owns 1,793,925 shares of the business services provider’s stock valued at $69,425,000 after purchasing an additional 215,539 shares in the last quarter. LSV Asset Management increased its holdings in shares of Shutterstock by 30.9% in the first 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 during the last quarter. Epoch Investment Partners Inc. lifted its position in Shutterstock by 22.8% during the second quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock worth $42,010,000 after buying an additional 201,391 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Shutterstock by 4.1% during the second quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider’s stock worth $33,648,000 after buying an additional 34,243 shares during the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

Shutterstock Stock Performance

NYSE:SSTK opened at $34.57 on Thursday. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. The company has a market cap of $1.21 billion, a price-to-earnings ratio of 33.89 and a beta of 1.10. The company has a fifty day simple moving average of $32.93 and a two-hundred day simple moving average of $36.92. Shutterstock, Inc. has a 52 week low of $28.95 and a 52 week high of $54.40.

Shutterstock (NYSE:SSTK) last issued its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.25. The firm had revenue of $250.59 million for the quarter, compared to analysts’ expectations of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm’s revenue was up 7.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.99 earnings per share. As a group, equities analysts anticipate that Shutterstock, Inc. will post 3.07 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a $0.30 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.47%. Shutterstock’s payout ratio is currently 117.65%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. StockNews.com downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price objective on shares of Shutterstock in a research report on Tuesday, October 29th. Truist Financial cut their target price on Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Finally, Morgan Stanley dropped their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, October 21st.

Shutterstock Profile

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.