Manning & Napier Advisors LLC Makes New $1.66 Million Investment in Shutterstock, Inc. $SSTK

Manning & Napier Advisors LLC bought a new position in Shutterstock, Inc. (NYSE:SSTK) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 100,000 shares of the business services provider’s stock, valued at approximately $1,661,000. Manning & Napier Advisors LLC owned about 0.28% of Shutterstock at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Shutterstock by 12.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,901 shares of the business services provider’s stock valued at $557,000 after purchasing an additional 3,263 shares during the last quarter. Millennium Management LLC grew its stake in shares of Shutterstock by 109.3% during the first quarter. Millennium Management LLC now owns 626,615 shares of the business services provider’s stock worth $11,674,000 after buying an additional 327,203 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Shutterstock by 22.4% during the second quarter. JPMorgan Chase & Co. now owns 115,117 shares of the business services provider’s stock worth $2,183,000 after buying an additional 21,083 shares during the last quarter. Franklin Resources Inc. acquired a new position in shares of Shutterstock during the second quarter worth $195,000. Finally, Prudential Financial Inc. lifted its stake in shares of Shutterstock by 6.1% in the 2nd quarter. Prudential Financial Inc. now owns 25,824 shares of the business services provider’s stock valued at $490,000 after acquiring an additional 1,490 shares during the last quarter. 82.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on SSTK shares. Zacks Research cut Shutterstock from a “hold” rating to a “strong sell” rating in a report on Thursday, June 11th. Weiss Ratings downgraded shares of Shutterstock from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 4th. Citigroup raised shares of Shutterstock from a “neutral” rating to a “buy” rating and set a $7.00 target price on the stock in a report on Friday, June 5th. Finally, Wall Street Zen cut shares of Shutterstock from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $7.00.

Shutterstock Trading Up 0.0%

Shares of SSTK stock opened at $8.49 on Monday. The stock has a market cap of $312.07 million, a price-to-earnings ratio of -14.64 and a beta of 1.06. The stock has a 50-day moving average of $14.00 and a 200-day moving average of $16.36. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.22. Shutterstock, Inc. has a 1-year low of $8.31 and a 1-year high of $29.50.

Shutterstock Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 17.0%. The ex-dividend date of this dividend was Thursday, June 4th. Shutterstock’s dividend payout ratio is currently -248.28%.

Shutterstock Company Profile

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.