Connor Clark & Lunn Investment Management Ltd. Lowers Holdings in Shutterstock, Inc. (NYSE:SSTK)

Connor Clark & Lunn Investment Management Ltd. lessened its position in shares of Shutterstock, Inc. (NYSE:SSTK) by 17.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 85,237 shares of the business services provider’s stock after selling 17,909 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.24% of Shutterstock worth $3,015,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. BOKF NA purchased a new stake in Shutterstock in the 1st quarter worth $139,000. Rubric Capital Management LP purchased a new stake in Shutterstock during the second quarter valued at approximately $14,769,000. Vanguard Group Inc. raised its stake in shares of Shutterstock by 1.7% in the first quarter. Vanguard Group Inc. now owns 2,926,166 shares of the business services provider’s stock valued at $134,048,000 after acquiring an additional 47,929 shares during the period. Federated Hermes Inc. raised its stake in shares of Shutterstock by 95.4% in the second quarter. Federated Hermes Inc. now owns 138,719 shares of the business services provider’s stock valued at $5,368,000 after acquiring an additional 67,718 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of Shutterstock by 110.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 34,588 shares of the business services provider’s stock worth $1,223,000 after acquiring an additional 18,174 shares during the last quarter. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Shutterstock Trading Up 3.1 %

Shares of Shutterstock stock opened at $30.98 on Monday. The stock has a market cap of $1.08 billion, a PE ratio of 30.37 and a beta of 1.10. The firm has a fifty day moving average price of $32.22 and a 200 day moving average price of $36.05. Shutterstock, Inc. has a 1 year low of $28.85 and a 1 year high of $54.40. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42.

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

Shutterstock Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.87%. The ex-dividend date of this dividend is Friday, November 29th. Shutterstock’s payout ratio is presently 117.65%.

Analyst Ratings Changes

SSTK has been the topic of a number of recent analyst reports. Truist Financial reduced their price objective on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Morgan Stanley lowered 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, October 21st. Needham & Company LLC reissued a “buy” rating and set a $55.00 target price on shares of Shutterstock in a research report on Tuesday, October 29th. Finally, StockNews.com cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th.

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.