Copeland Capital Management LLC Cuts Stake in Shutterstock, Inc. (NYSE:SSTK)

Copeland Capital Management LLC cut its position in Shutterstock, Inc. (NYSE:SSTK - Free Report) by 99.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,745 shares of the business services provider's stock after selling 1,583,921 shares during the quarter. Copeland Capital Management LLC's holdings in Shutterstock were worth $33,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc grew its position in Shutterstock by 1,908.6% in the 1st 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 period. Amundi increased its stake 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. boosted its stake in shares of Shutterstock by 167.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider's stock worth $76,000 after buying an additional 1,565 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Shutterstock in the fourth quarter valued at approximately $134,000. Finally, Covestor Ltd increased its position in shares of Shutterstock by 11.3% during the fourth quarter. Covestor Ltd now owns 5,092 shares of the business services provider's stock valued at $155,000 after acquiring an additional 515 shares during the last quarter. Institutional investors and hedge funds own 82.79% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on SSTK. Wall Street Zen raised Shutterstock to a "hold" rating in a research report on Saturday, June 14th. JMP Securities reaffirmed a "market perform" rating on shares of Shutterstock in a report on Monday, May 5th. Finally, Needham & Company LLC lowered their target price on shares of Shutterstock from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Monday, June 2nd. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $43.67.

Shutterstock Stock Performance

Shares of NYSE SSTK traded down $0.21 during midday trading on Wednesday, hitting $19.89. 240,403 shares of the stock traded hands, compared to its average volume of 503,580. The firm has a market capitalization of $701.12 million, a P/E ratio of 18.25 and a beta of 1.15. Shutterstock, Inc. has a one year low of $14.35 and a one year high of $46.10. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.43 and a current ratio of 0.43. The firm has a 50-day moving average of $18.16 and a two-hundred day moving average of $22.34.

Shutterstock (NYSE:SSTK - Get Free Report) last posted its quarterly earnings data on Friday, May 2nd. The business services provider reported $1.03 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.23). Shutterstock had a return on equity of 17.70% and a net margin of 4.00%. The company had revenue of $242.62 million during the quarter, compared to analysts' expectations of $249.44 million. During the same quarter last year, the company earned $1.13 earnings per share. The company's revenue for the quarter was up 13.2% on a year-over-year basis. On average, equities analysts forecast that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 19th. Investors of record on Thursday, June 5th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 6.64%. The ex-dividend date was Thursday, June 5th. Shutterstock's dividend payout ratio is 121.10%.

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.