Kornitzer Capital Management Inc. KS Invests $1.03 Million in Shutterstock Inc (SSTK) Stock

Kornitzer Capital Management Inc. KS purchased a new position in shares of Shutterstock Inc (NYSE:SSTK) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 24,000 shares of the business services provider’s stock, valued at approximately $1,033,000. Kornitzer Capital Management Inc. KS owned approximately 0.07% of Shutterstock at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SSTK. Cubist Systematic Strategies LLC purchased a new position in shares of Shutterstock in the third quarter valued at approximately $133,000. Atria Investments LLC acquired a new stake in shares of Shutterstock in the fourth quarter valued at approximately $243,000. Verition Fund Management LLC acquired a new stake in shares of Shutterstock in the second quarter valued at approximately $308,000. Stoneridge Investment Partners LLC acquired a new stake in shares of Shutterstock in the third quarter valued at approximately $233,000. Finally, Municipal Employees Retirement System of Michigan increased its holdings in shares of 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 purchasing an additional 2,640 shares during the last quarter. Institutional investors own 59.58% of the company’s stock.

Several research firms have issued reports on SSTK. Jefferies Group raised their target price on Shutterstock from $30.00 to $34.00 and gave the stock an “underperform” rating in a research note on Wednesday, November 1st. BidaskClub raised Shutterstock from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 28th. Zacks Investment Research cut Shutterstock from a “buy” rating to a “hold” rating in a research note on Friday, January 5th. ValuEngine lowered Shutterstock from a “hold” rating to a “sell” rating in a report on Sunday, December 31st. Finally, Cantor Fitzgerald reiterated a “hold” rating and issued a $40.00 target price on shares of Shutterstock in a report on Tuesday, October 31st. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. The stock has an average rating of “Hold” and an average target price of $39.17.

Shutterstock Inc (SSTK) traded up $0.37 on Tuesday, hitting $45.17. The stock had a trading volume of 24,711 shares, compared to its average volume of 196,679. Shutterstock Inc has a twelve month low of $29.85 and a twelve month high of $55.07. The firm has a market capitalization of $1,522.58, a PE ratio of 65.38 and a beta of 1.54.

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About Shutterstock

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.

Institutional Ownership by Quarter for Shutterstock (NYSE:SSTK)

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