Allspring Global Investments Holdings LLC Decreases Holdings in Shutterstock, Inc. (NYSE:SSTK)

Allspring Global Investments Holdings LLC lessened its position in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 86.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,461 shares of the business services provider's stock after selling 122,703 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.05% of Shutterstock worth $940,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SSTK. Fifth Third Bancorp lifted its stake in shares of Shutterstock by 48.7% in the 4th quarter. Fifth Third Bancorp now owns 883 shares of the business services provider's stock valued at $43,000 after purchasing an additional 289 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Shutterstock by 7.2% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,387 shares of the business services provider's stock worth $395,000 after acquiring an additional 700 shares during the last quarter. Swiss National Bank lifted its stake in shares of Shutterstock by 1.5% during the 3rd quarter. Swiss National Bank now owns 55,500 shares of the business services provider's stock worth $2,112,000 after acquiring an additional 800 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Shutterstock by 317.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,170 shares of the business services provider's stock worth $56,000 after acquiring an additional 890 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Shutterstock by 47.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,965 shares of the business services provider's stock worth $113,000 after acquiring an additional 954 shares during the last quarter. Hedge funds and other institutional investors own 82.79% of the company's stock.

Insider Buying and Selling

In related news, insider John Caine sold 1,974 shares of the company's stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $43.30, for a total value of $85,474.20. Following the completion of the transaction, the insider now owns 7,413 shares of the company's stock, valued at approximately $320,982.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 32.30% of the stock is currently owned by insiders.

Shutterstock Price Performance

SSTK traded up $0.03 on Wednesday, reaching $42.82. 273,095 shares of the stock were exchanged, compared to its average volume of 503,857. The company's 50-day moving average price is $45.81 and its 200 day moving average price is $44.92. Shutterstock, Inc. has a fifty-two week low of $33.80 and a fifty-two week high of $74.20. The firm has a market capitalization of $1.52 billion, a PE ratio of 14.13 and a beta of 1.09.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings data on Wednesday, February 21st. The business services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.13. The business had revenue of $217.22 million during the quarter, compared to analysts' expectations of $224.04 million. Shutterstock had a return on equity of 23.04% and a net margin of 12.61%. As a group, equities analysts forecast that Shutterstock, Inc. will post 3.13 earnings per share for the current fiscal year.

Shutterstock Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Thursday, February 29th were issued a $0.30 dividend. This is a boost from Shutterstock's previous quarterly dividend of $0.27. The ex-dividend date was Wednesday, February 28th. This represents a $1.20 dividend on an annualized basis and a yield of 2.80%. Shutterstock's dividend payout ratio is presently 39.60%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Truist Financial decreased their price target on Shutterstock from $85.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, February 22nd. StockNews.com downgraded Shutterstock from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 29th. Morgan Stanley initiated coverage on Shutterstock in a report on Thursday, February 22nd. They set an "equal weight" rating and a $55.00 price objective on the stock. Finally, Needham & Company LLC restated a "buy" rating and set a $60.00 price objective on shares of Shutterstock in a report on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Shutterstock has an average rating of "Moderate Buy" and a consensus price target of $62.50.

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.