Fmr LLC Has $1.39 Million Stake in Shutterstock, Inc. (NYSE:SSTK)

Fmr LLC raised its position in shares of Shutterstock, Inc. (NYSE:SSTK) by 397.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,193 shares of the business services provider’s stock after buying an additional 31,315 shares during the period. Fmr LLC’s holdings in Shutterstock were worth $1,386,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of SSTK. Nisa Investment Advisors LLC increased its holdings in shares of Shutterstock by 69.6% during the second quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock worth $79,000 after buying an additional 838 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of Shutterstock in the second quarter valued at approximately $41,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Shutterstock by 31,733.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock valued at $37,000 after purchasing an additional 952 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Shutterstock in the second quarter valued at approximately $759,000. Finally, TD Asset Management Inc increased its holdings in shares of Shutterstock by 13.7% in the second quarter. TD Asset Management Inc now owns 1,793,925 shares of the business services provider’s stock valued at $69,425,000 after purchasing an additional 215,539 shares in the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $55.00 price target on shares of Shutterstock in a report on Tuesday, October 29th. StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a report on Monday, December 9th. Morgan Stanley lowered their price target on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. Finally, Truist Financial lowered their price target on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 30th.

Shutterstock Price Performance

SSTK opened at $32.30 on Monday. The company has a fifty day moving average price of $31.56 and a two-hundred day moving average price of $35.22. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. Shutterstock, Inc. has a 52 week low of $28.85 and a 52 week high of $54.40. The firm has a market capitalization of $1.13 billion, a PE ratio of 31.67 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last released its 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. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm had revenue of $250.59 million during the quarter, compared to analyst estimates of $240.90 million. During the same quarter in the previous year, the business earned $0.99 EPS. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. As a group, analysts anticipate that Shutterstock, Inc. will post 3.07 earnings per share for the current year.

Shutterstock Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend was Friday, November 29th. Shutterstock’s dividend payout ratio 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.