Raymond James Financial Inc. Acquires New Holdings in Shutterstock, Inc. (NYSE:SSTK)

Raymond James Financial Inc. bought a new position in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 46,143 shares of the business services provider's stock, valued at approximately $1,400,000. Raymond James Financial Inc. owned 0.13% of Shutterstock as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Invesco Ltd. boosted its position in shares of Shutterstock by 4.5% in the fourth quarter. Invesco Ltd. now owns 101,711 shares of the business services provider's stock worth $3,087,000 after buying an additional 4,388 shares during the period. Wells Fargo & Company MN grew its position in Shutterstock by 30.2% in the fourth quarter. Wells Fargo & Company MN now owns 16,872 shares of the business services provider's stock valued at $512,000 after acquiring an additional 3,910 shares in the last quarter. Villanova Investment Management Co LLC purchased a new stake in shares of Shutterstock during the fourth quarter valued at approximately $2,269,000. National Bank of Canada FI lifted its position in shares of Shutterstock by 76.1% during the fourth quarter. National Bank of Canada FI now owns 16,814 shares of the business services provider's stock worth $510,000 after purchasing an additional 7,265 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in Shutterstock by 50.6% during the 4th quarter. Franklin Resources Inc. now owns 23,209 shares of the business services provider's stock valued at $704,000 after purchasing an additional 7,796 shares in the last quarter. Institutional investors and hedge funds own 82.79% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Needham & Company LLC decreased their price objective on shares of Shutterstock from $45.00 to $30.00 and set a "buy" rating for the company in a research report on Friday, March 7th. StockNews.com initiated coverage on Shutterstock in a research note on Tuesday, April 8th. They set a "hold" rating for the company. JMP Securities reaffirmed a "market perform" rating on shares of Shutterstock in a research report on Monday. Finally, Truist Financial downgraded shares of Shutterstock from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Shutterstock currently has a consensus rating of "Hold" and a consensus target price of $45.33.

Shutterstock Stock Performance

Shares of NYSE SSTK traded up $0.77 during midday trading on Monday, hitting $17.53. The company's stock had a trading volume of 279,935 shares, compared to its average volume of 537,149. The firm has a market cap of $611.69 million, a P/E ratio of 17.19 and a beta of 1.13. Shutterstock, Inc. has a 1-year low of $14.35 and a 1-year high of $46.10. The firm's fifty day moving average price is $17.94 and its 200-day moving average price is $26.15. 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 (NYSE:SSTK - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The business services provider reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.23). The company had revenue of $242.62 million during the quarter, compared to the consensus estimate of $249.44 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The company's revenue for the quarter was up 13.2% on a year-over-year basis. During the same period last year, the business posted $1.13 EPS. On average, sell-side analysts forecast that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Shutterstock Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Thursday, June 5th will be paid a $0.33 dividend. The ex-dividend date is Thursday, June 5th. This represents a $1.32 annualized dividend and a dividend yield of 7.53%. Shutterstock's 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.