Shutterstock, Inc. (NYSE:SSTK) Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC cut its holdings in shares of Shutterstock, Inc. (NYSE:SSTK) by 32.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,810 shares of the business services provider’s stock after selling 10,788 shares during the quarter. Los Angeles Capital Management LLC owned 0.07% of Shutterstock worth $807,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Epoch Investment Partners Inc. raised its stake in shares of Shutterstock by 68.8% in the first quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock valued at $40,503,000 after acquiring an additional 360,415 shares in the last quarter. BOKF NA purchased a new position in shares of Shutterstock in the 1st quarter valued at about $139,000. Rubric Capital Management LP acquired a new position in shares of Shutterstock during the second quarter worth about $14,769,000. Russell Investments Group Ltd. raised its holdings in Shutterstock by 9.9% in the first quarter. Russell Investments Group Ltd. now owns 176,267 shares of the business services provider’s stock valued at $8,075,000 after acquiring an additional 15,900 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in 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 in the last quarter. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SSTK shares. Truist Financial dropped 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. StockNews.com cut Shutterstock from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Morgan Stanley lowered their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, October 21st. Finally, 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.

Shutterstock Trading Down 2.3 %

NYSE SSTK opened at $30.59 on Friday. Shutterstock, Inc. has a 12 month low of $28.95 and a 12 month high of $54.40. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 29.95 and a beta of 1.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The firm’s fifty day moving average price is $32.61 and its 200 day moving average price is $36.54.

Shutterstock (NYSE:SSTK) last posted 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. The business 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 business’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.99 earnings per share. On average, sell-side analysts expect that Shutterstock, Inc. will post 3.07 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.92%. The ex-dividend date of this dividend is Friday, November 29th. Shutterstock’s payout ratio is currently 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.