Connor Clark & Lunn Investment Management Ltd. Sells 18,705 Shares of Shutterstock, Inc. $SSTK

Key Points

• Connor Clark & Lunn Investment Management Ltd. sold 18,705 shares of Shutterstock, Inc., reducing its stake by 34.7% to approximately 35,254 shares valued at $657,000.
• Shutterstock reported $1.19 EPS for the last quarter, missing analyst estimates, but its revenue increased by 21.3% year-over-year to $266.99 million.
• The company announced a quarterly dividend of $0.33, yielding 6.1%, with the ex-dividend date set for September 4th, highlighting its commitment to shareholder returns.

Connor Clark & Lunn Investment Management Ltd. reduced its stake in Shutterstock, Inc. (NYSE:SSTK - Free Report) by 34.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 35,254 shares of the business services provider's stock after selling 18,705 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.10% of Shutterstock worth $657,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Alpine Associates Management Inc. bought a new stake in shares of Shutterstock in the 1st quarter worth about $11,177,000. Dimensional Fund Advisors LP increased its holdings in shares of Shutterstock by 22.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,018,231 shares of the business services provider's stock worth $30,904,000 after buying an additional 189,015 shares during the last quarter. Invenomic Capital Management LP increased its holdings in shares of Shutterstock by 28.1% in the 4th quarter. Invenomic Capital Management LP now owns 601,490 shares of the business services provider's stock worth $18,255,000 after buying an additional 132,055 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Shutterstock by 77.6% in the 4th quarter. Millennium Management LLC now owns 299,412 shares of the business services provider's stock worth $9,087,000 after buying an additional 130,831 shares during the last quarter. Finally, Rice Hall James & Associates LLC increased its holdings in shares of Shutterstock by 21.7% in the 1st quarter. Rice Hall James & Associates LLC now owns 666,348 shares of the business services provider's stock worth $12,414,000 after buying an additional 118,828 shares during the last quarter. 82.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SSTK shares. Needham & Company LLC reduced their target price on shares of Shutterstock from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Monday, June 2nd. Wall Street Zen raised shares of Shutterstock from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Shutterstock in a research note on Monday, May 5th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $43.67.

Shutterstock Price Performance

SSTK stock opened at $21.62 on Tuesday. Shutterstock, Inc. has a 12 month low of $14.35 and a 12 month high of $38.80. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.20. The company has a 50-day moving average price of $19.48 and a 200 day moving average price of $19.79. The stock has a market cap of $766.93 million, a PE ratio of 11.95 and a beta of 0.99.

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

Shutterstock Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 6.1%. The ex-dividend date of this dividend is Thursday, September 4th. Shutterstock's payout ratio is 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.

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