Copeland Capital Management LLC Sells 14,280 Shares of Shutterstock, Inc. (NYSE:SSTK)

Copeland Capital Management LLC lowered its holdings in shares of Shutterstock, Inc. (NYSE:SSTK) by 0.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,600,204 shares of the business services provider’s stock after selling 14,280 shares during the quarter. Copeland Capital Management LLC owned 4.52% of Shutterstock worth $56,599,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. TD Asset Management Inc grew its position in Shutterstock by 74.1% in the first quarter. TD Asset Management Inc now owns 1,578,386 shares of the business services provider’s stock worth $72,306,000 after acquiring an additional 671,995 shares in the last quarter. LSV Asset Management boosted its holdings in shares of Shutterstock by 30.9% in the 1st quarter. LSV Asset Management now owns 1,793,785 shares of the business services provider’s stock worth $82,173,000 after purchasing an additional 422,942 shares during the period. Rubric Capital Management LP bought a new position in shares of Shutterstock during the 2nd quarter valued at approximately $14,769,000. Epoch Investment Partners Inc. increased its position in shares of Shutterstock by 68.8% during the 1st quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock valued at $40,503,000 after purchasing an additional 360,415 shares during the last quarter. Finally, Invenomic Capital Management LP raised its holdings in Shutterstock by 30.9% during the 1st quarter. Invenomic Capital Management LP now owns 594,475 shares of the business services provider’s stock valued at $27,233,000 after buying an additional 140,339 shares during the period. 82.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Morgan Stanley dropped their price objective on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday. StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a research note on Tuesday, October 1st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $65.00 price objective on shares of Shutterstock in a research report on Tuesday, August 6th.

Shutterstock Stock Down 2.8 %

SSTK stock opened at $29.50 on Tuesday. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 22.52 and a beta of 1.09. Shutterstock, Inc. has a twelve month low of $29.26 and a twelve month high of $54.40. The business’s fifty day simple moving average is $33.80 and its two-hundred day simple moving average is $37.77.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.01). The company had revenue of $220.05 million during the quarter, compared to analysts’ expectations of $213.44 million. Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The company’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.76 EPS. Research analysts expect that Shutterstock, Inc. will post 2.99 EPS for the current year.

Shutterstock Company 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.