Connors Investor Services Inc. Purchases 19,426 Shares of Shutterstock, Inc. (NYSE:SSTK)

Connors Investor Services Inc. boosted its position in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 27.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,039 shares of the business services provider's stock after acquiring an additional 19,426 shares during the period. Connors Investor Services Inc. owned 0.26% of Shutterstock worth $2,733,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Amundi grew its holdings in Shutterstock by 26.2% in the 4th quarter. Amundi now owns 2,350 shares of the business services provider's stock valued at $71,000 after buying an additional 488 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Shutterstock by 167.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider's stock worth $76,000 after acquiring an additional 1,565 shares during the period. R Squared Ltd bought a new stake in Shutterstock in the 4th quarter valued at $108,000. Palouse Capital Management Inc. grew its position in Shutterstock by 13.7% in the 4th quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider's stock worth $132,000 after purchasing an additional 525 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Shutterstock during the 4th quarter worth about $134,000. 82.79% of the stock is currently owned by institutional investors.

Shutterstock Price Performance

Shares of Shutterstock stock opened at $16.81 on Wednesday. Shutterstock, Inc. has a 1-year low of $14.35 and a 1-year high of $46.10. The firm's 50-day moving average price is $18.40 and its two-hundred day moving average price is $26.49. 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 $586.57 million, a price-to-earnings ratio of 16.48 and a beta of 1.13.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The business services provider reported $0.67 earnings per share (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 business had revenue of $250.30 million during the quarter, compared to the consensus estimate of $254.16 million. During the same quarter in the previous year, the firm posted $0.72 EPS. The company's revenue for the quarter was up 15.2% compared to the same quarter last year. On average, equities analysts predict that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Thursday, June 5th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $1.32 annualized dividend and a dividend yield of 7.85%. Shutterstock's dividend payout ratio (DPR) is currently 130.69%.

Wall Street Analysts Forecast Growth

SSTK has been the topic of several research reports. Needham & Company LLC lowered their price target on Shutterstock from $45.00 to $30.00 and set a "buy" rating on the stock in a research note on Friday, March 7th. JMP Securities reaffirmed a "market perform" rating on shares of Shutterstock in a research report on Monday, January 6th. Truist Financial lowered shares of Shutterstock from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Finally, StockNews.com started coverage on shares of Shutterstock in a report on Tuesday, April 8th. They set a "hold" rating for the company. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Shutterstock has an average rating of "Hold" and a consensus price target of $45.33.

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.

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