Shutterstock, Inc. (NYSE:SSTK) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its holdings in shares of Shutterstock, Inc. (NYSE:SSTK) by 4.2% during the third quarter, HoldingsChannel.com reports. The firm owned 143,835 shares of the business services provider’s stock after selling 6,270 shares during the period. Principal Financial Group Inc.’s holdings in Shutterstock were worth $5,087,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its position in shares of Shutterstock by 2.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,575 shares of the business services provider’s stock valued at $487,000 after buying an additional 309 shares in the last quarter. Cascade Investment Advisors Inc. lifted its holdings in Shutterstock by 1.2% during the third quarter. Cascade Investment Advisors Inc. now owns 27,430 shares of the business services provider’s stock valued at $970,000 after purchasing an additional 315 shares in the last quarter. ProShare Advisors LLC grew its position in shares of Shutterstock by 7.4% in the first quarter. ProShare Advisors LLC now owns 4,957 shares of the business services provider’s stock valued at $227,000 after purchasing an additional 342 shares during the period. Palouse Capital Management Inc. increased its stake in shares of Shutterstock by 20.7% during the second quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock worth $150,000 after purchasing an additional 665 shares in the last quarter. Finally, Quest Partners LLC lifted its stake in Shutterstock by 17.9% in the 2nd quarter. Quest Partners LLC now owns 5,406 shares of the business services provider’s stock valued at $209,000 after buying an additional 822 shares in the last quarter. 82.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on SSTK. Truist Financial cut their price objective on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Needham & Company LLC reissued a “buy” rating and issued a $55.00 price objective on shares of Shutterstock in a research note on Tuesday, October 29th. Morgan Stanley lowered their target price on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, October 21st. Finally, StockNews.com cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th.

Shutterstock Stock Performance

NYSE SSTK opened at $30.46 on Thursday. The stock has a fifty day simple moving average of $32.37 and a 200-day simple moving average of $36.22. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The stock has a market cap of $1.06 billion, a PE ratio of 29.86 and a beta of 1.10. Shutterstock, Inc. has a twelve month low of $28.85 and a twelve month high of $54.40.

Shutterstock (NYSE:SSTK) last released its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. The company had revenue of $250.59 million for the quarter, compared to analysts’ expectations of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm’s revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.99 earnings per share. Equities analysts anticipate that Shutterstock, Inc. will post 3.07 earnings per share for the current year.

Shutterstock Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a yield of 3.94%. Shutterstock’s dividend payout ratio (DPR) is presently 117.65%.

About Shutterstock

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.