Charles Schwab Investment Management Inc. Purchases 44,702 Shares of Shutterstock, Inc. $SSTK

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Shutterstock, Inc. by 12.7%, owning 395,906 shares valued at approximately $7.38 million.
• Shutterstock's recent quarterly earnings revealed an EPS of $1.19, missing estimates by $0.46, despite a revenue increase of 21.3% year-over-year.
• The company declared a quarterly dividend of $0.33 per share, resulting in an annualized dividend yield of 6.3%, with a payout ratio of 72.93%.

Charles Schwab Investment Management Inc. raised its stake in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 12.7% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 395,906 shares of the business services provider's stock after purchasing an additional 44,702 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.12% of Shutterstock worth $7,376,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in SSTK. Performa Ltd US LLC purchased a new position in shares of Shutterstock in the 1st quarter worth approximately $25,000. Versant Capital Management Inc lifted its stake in Shutterstock by 1,908.6% in the first quarter. Versant Capital Management Inc now owns 1,406 shares of the business services provider's stock valued at $26,000 after purchasing an additional 1,336 shares during the last quarter. HHM Wealth Advisors LLC purchased a new position in Shutterstock in the first quarter valued at approximately $28,000. CWM LLC lifted its stake in Shutterstock by 93.8% in the first quarter. CWM LLC now owns 1,810 shares of the business services provider's stock valued at $34,000 after purchasing an additional 876 shares during the last quarter. Finally, Palouse Capital Management Inc. lifted its stake in Shutterstock by 33.8% in the first quarter. Palouse Capital Management Inc. now owns 5,830 shares of the business services provider's stock valued at $109,000 after purchasing an additional 1,473 shares during the last quarter. Institutional investors and hedge funds own 82.79% of the company's stock.

Analyst Ratings Changes

SSTK has been the topic of several research analyst reports. Wall Street Zen upgraded Shutterstock from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. JMP Securities reiterated a "market perform" rating on shares of Shutterstock in a research note on Monday, May 5th. Finally, Needham & Company LLC dropped their price objective on Shutterstock from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Monday, June 2nd. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $43.67.

Shutterstock Price Performance

Shares of Shutterstock stock traded up $0.26 during trading on Friday, hitting $20.93. The stock had a trading volume of 190,030 shares, compared to its average volume of 251,076. The firm has a market cap of $742.25 million, a price-to-earnings ratio of 11.56 and a beta of 0.99. Shutterstock, Inc. has a 12 month low of $14.35 and a 12 month high of $38.80. The business's 50-day moving average is $19.94 and its 200 day moving average is $19.36. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.20.

Shutterstock (NYSE:SSTK - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The business services provider reported $1.19 earnings per share for the quarter, missing the consensus estimate of $1.65 by ($0.46). The firm had revenue of $266.99 million during the quarter, compared to the consensus estimate of $248.27 million. Shutterstock had a return on equity of 18.42% and a net margin of 6.36%.The company's revenue for the quarter was up 21.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.00 EPS. As a group, sell-side analysts anticipate that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.32 annualized dividend and a dividend yield of 6.3%. Shutterstock's dividend payout ratio is presently 72.93%.

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.