State Street Corp Raises Position in Shutterstock, Inc. (NYSE:SSTK)

State Street Corp boosted its holdings in shares of Shutterstock, Inc. (NYSE:SSTK) by 1.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 966,694 shares of the business services provider’s stock after buying an additional 13,039 shares during the period. State Street Corp owned approximately 2.77% of Shutterstock worth $34,192,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SSTK. TD Asset Management Inc boosted its position in shares of Shutterstock by 13.7% during the 2nd quarter. TD Asset Management Inc now owns 1,793,925 shares of the business services provider’s stock valued at $69,425,000 after acquiring an additional 215,539 shares during the last quarter. Epoch Investment Partners Inc. lifted its position in Shutterstock by 22.8% during the second quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock valued at $42,010,000 after purchasing an additional 201,391 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Shutterstock by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider’s stock worth $33,648,000 after buying an additional 34,243 shares in the last quarter. Rice Hall James & Associates LLC increased its holdings in shares of Shutterstock by 40.7% in the 3rd quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider’s stock worth $18,724,000 after buying an additional 153,154 shares during the last quarter. Finally, Rubric Capital Management LP purchased a new stake in shares of Shutterstock during the 2nd quarter valued at $14,769,000. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Morgan Stanley cut their target price on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, October 21st. Truist Financial reduced their price objective on Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Needham & Company LLC restated a “buy” rating and issued 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 Tuesday.

Shutterstock Stock Up 0.5 %

Shares of NYSE:SSTK opened at $30.10 on Friday. The stock has a market capitalization of $1.05 billion, a P/E ratio of 29.51 and a beta of 1.08. The stock’s 50-day moving average price is $31.51 and its 200-day moving average price is $34.95. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. Shutterstock, Inc. has a 12-month low of $28.85 and a 12-month high of $54.40.

Shutterstock (NYSE:SSTK) last issued its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.25. The company had revenue of $250.59 million during 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%. Shutterstock’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.99 EPS. On average, equities analysts anticipate that Shutterstock, Inc. will post 3.07 earnings per share for the current year.

Shutterstock Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.99%. The ex-dividend date was Friday, November 29th. Shutterstock’s payout ratio is 117.65%.

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.