State of Tennessee Treasury Department lessened its position in Shutterstock Inc (NYSE:SSTK) by 14.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 14,541 shares of the business services provider’s stock after selling 2,554 shares during the quarter. State of Tennessee Treasury Department’s holdings in Shutterstock were worth $626,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Cubist Systematic Strategies LLC acquired a new stake in Shutterstock in the third quarter valued at approximately $133,000. Municipal Employees Retirement System of Michigan grew its stake in Shutterstock by 58.8% in the third quarter. Municipal Employees Retirement System of Michigan now owns 7,130 shares of the business services provider’s stock valued at $237,000 after acquiring an additional 2,640 shares during the period. Atria Investments LLC acquired a new stake in Shutterstock in the fourth quarter valued at approximately $243,000. First Republic Investment Management Inc. acquired a new stake in Shutterstock in the fourth quarter valued at approximately $249,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in Shutterstock in the third quarter valued at approximately $256,000. 58.91% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on SSTK shares. ValuEngine raised Shutterstock from a “sell” rating to a “hold” rating in a research note on Tuesday, February 27th. Deutsche Bank raised their price objective on Shutterstock from $36.00 to $43.00 and gave the company a “hold” rating in a research note on Friday, February 23rd. SunTrust Banks raised their price objective on Shutterstock to $47.00 and gave the company a “hold” rating in a research note on Friday, February 23rd. Finally, Zacks Investment Research cut Shutterstock from a “buy” rating to a “hold” rating in a research note on Friday, January 5th. Two investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Shutterstock presently has an average rating of “Hold” and an average target price of $42.67.
Shutterstock (NYSE:SSTK) last announced its earnings results on Thursday, February 22nd. The business services provider reported $0.22 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.01). The company had revenue of $151.80 million for the quarter, compared to analysts’ expectations of $143.66 million. Shutterstock had a net margin of 3.00% and a return on equity of 8.43%. The firm’s quarterly revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 EPS. analysts predict that Shutterstock Inc will post 0.78 earnings per share for the current fiscal year.
Shutterstock Company Profile
Shutterstock, Inc (Shutterstock) is a global technology company that operates a two-sided marketplace for professionals to license content. The Company’s library of content includes digital imagery, which consists of licensed photographs, vectors, illustrations and video clips that customers use in their visual communications, such as Websites, digital and print marketing materials, corporate communications, books, publications and video content, and commercial music, which consists of music tracks and sound effects and which is often used to complement digital imagery.
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