Russell Investments Group Ltd. Cuts Holdings in Shutterstock, Inc. (NYSE:SSTK)

Russell Investments Group Ltd. reduced its position in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 12.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 142,105 shares of the business services provider's stock after selling 20,233 shares during the period. Russell Investments Group Ltd. owned approximately 0.41% of Shutterstock worth $4,313,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SSTK. Geode Capital Management LLC grew its position in Shutterstock by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider's stock worth $20,275,000 after acquiring an additional 25,050 shares during the last quarter. Barclays PLC increased its stake in shares of Shutterstock by 238.6% in the third quarter. Barclays PLC now owns 50,565 shares of the business services provider's stock worth $1,788,000 after buying an additional 35,632 shares during the period. Stifel Financial Corp boosted its position in Shutterstock by 9.4% during the 3rd quarter. Stifel Financial Corp now owns 58,344 shares of the business services provider's stock valued at $2,064,000 after buying an additional 5,023 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Shutterstock by 167.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider's stock valued at $76,000 after acquiring an additional 1,565 shares during the period. Finally, Range Financial Group LLC bought a new position in shares of Shutterstock during the fourth quarter valued at about $691,000. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Shutterstock Stock Up 1.8 %

SSTK traded up $0.27 during trading on Friday, reaching $15.25. The stock had a trading volume of 417,505 shares, compared to its average volume of 540,524. 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 company has a market capitalization of $532.17 million, a price-to-earnings ratio of 14.95 and a beta of 1.13. The stock's 50 day moving average is $20.03 and its two-hundred day moving average is $27.18. Shutterstock, Inc. has a one year low of $14.35 and a one year high of $46.10.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings results 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). The business had revenue of $250.30 million during the quarter, compared to the consensus estimate of $254.16 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm's revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.72 earnings per share. As a group, analysts expect that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Thursday, March 6th were paid a $0.33 dividend. The ex-dividend date was Thursday, March 6th. This represents a $1.32 annualized dividend and a dividend yield of 8.66%. This is an increase from Shutterstock's previous quarterly dividend of $0.30. Shutterstock's dividend payout ratio is presently 130.69%.

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.