Primecap Management Co. CA Sells 47,500 Shares of Shutterstock, Inc. (NYSE:SSTK)

Primecap Management Co. CA lowered its holdings in shares of Shutterstock, Inc. (NYSE:SSTK) by 47.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 52,300 shares of the business services provider’s stock after selling 47,500 shares during the period. Primecap Management Co. CA’s holdings in Shutterstock were worth $1,587,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of SSTK. Quest Partners LLC raised its position in Shutterstock by 436.2% during the 3rd quarter. Quest Partners LLC now owns 28,987 shares of the business services provider’s stock worth $1,025,000 after purchasing an additional 23,581 shares during the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of Shutterstock by 2.0% in the third quarter. Segall Bryant & Hamill LLC now owns 47,437 shares of the business services provider’s stock worth $1,678,000 after acquiring an additional 951 shares during the period. Moors & Cabot Inc. acquired a new position in shares of Shutterstock in the third quarter worth approximately $284,000. Intech Investment Management LLC bought a new stake in Shutterstock in the third quarter valued at approximately $388,000. Finally, Charles Schwab Investment Management Inc. increased its position in Shutterstock by 4.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 320,895 shares of the business services provider’s stock valued at $11,350,000 after purchasing an additional 13,539 shares during the period. Institutional investors and hedge funds own 82.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. JMP Securities restated a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. StockNews.com began coverage on shares of Shutterstock in a report on Saturday, March 15th. They issued a “hold” rating on the stock. Needham & Company LLC decreased their price target on Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a report on Friday, March 7th. Finally, Truist Financial downgraded Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $45.33.

Shutterstock Trading Up 1.2 %

NYSE:SSTK opened at $19.55 on Thursday. 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 capitalization of $682.25 million, a price-to-earnings ratio of 19.17 and a beta of 1.12. The firm has a fifty day simple moving average of $26.40 and a two-hundred day simple moving average of $30.12. Shutterstock, Inc. has a 12 month low of $18.63 and a 12 month high of $48.42.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Tuesday, February 25th. The business services provider reported $0.67 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.25). Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm had revenue of $250.30 million for the quarter, compared to the consensus estimate of $254.16 million. During the same quarter in the prior year, the firm earned $0.72 EPS. The company’s revenue was up 15.2% compared to the same quarter last year. Analysts expect that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Shutterstock Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.75%. The ex-dividend date is Thursday, March 6th. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30. Shutterstock’s dividend payout ratio is currently 130.69%.

Shutterstock 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.