OppenheimerFunds Inc. Cuts Stake in Shutterstock Inc (SSTK)

OppenheimerFunds Inc. lowered its stake in shares of Shutterstock Inc (NYSE:SSTK) by 24.2% in the first quarter, HoldingsChannel reports. The firm owned 6,551 shares of the business services provider’s stock after selling 2,090 shares during the period. OppenheimerFunds Inc.’s holdings in Shutterstock were worth $315,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. grew its stake in Shutterstock by 18.8% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 91,718 shares of the business services provider’s stock valued at $3,947,000 after acquiring an additional 14,544 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in Shutterstock during the 4th quarter valued at about $285,000. Wells Fargo & Company MN grew its stake in Shutterstock by 25.8% during the 4th quarter. Wells Fargo & Company MN now owns 28,409 shares of the business services provider’s stock valued at $1,223,000 after acquiring an additional 5,834 shares in the last quarter. Arizona State Retirement System grew its stake in Shutterstock by 225.1% during the 4th quarter. Arizona State Retirement System now owns 30,888 shares of the business services provider’s stock valued at $1,329,000 after acquiring an additional 21,388 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Shutterstock by 13.3% during the 4th quarter. Rhumbline Advisers now owns 41,555 shares of the business services provider’s stock valued at $1,788,000 after acquiring an additional 4,893 shares in the last quarter. 56.11% of the stock is owned by institutional investors and hedge funds.

Shutterstock opened at $47.46 on Friday, Marketbeat reports. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of 66.85 and a beta of 1.19. Shutterstock Inc has a 1-year low of $29.85 and a 1-year high of $52.78.

Shutterstock (NYSE:SSTK) last posted its earnings results on Thursday, April 26th. The business services provider reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.04). The firm had revenue of $153.00 million during the quarter, compared to analyst estimates of $150.14 million. Shutterstock had a net margin of 7.36% and a return on equity of 7.59%. The business’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.19 earnings per share. equities research analysts predict that Shutterstock Inc will post 0.81 earnings per share for the current fiscal year.

SSTK has been the subject of several research reports. Zacks Investment Research raised shares of Shutterstock from a “sell” rating to a “hold” rating in a research note on Saturday, March 24th. ValuEngine raised shares of Shutterstock from a “sell” rating to a “hold” rating in a research note on Monday, June 11th. Three analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Shutterstock currently has an average rating of “Hold” and a consensus target price of $41.20.

About Shutterstock

Shutterstock, Inc provides content products and services in North America, Europe, and internationally. It offers digital imagery services, which include 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 services comprising music tracks and sound effects that are used to complement digital imagery.

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Institutional Ownership by Quarter for Shutterstock (NYSE:SSTK)

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