Penserra Capital Management LLC Cuts Stock Holdings in Shutterstock, Inc. (NYSE:SSTK)

Penserra Capital Management LLC lessened its position in Shutterstock, Inc. (NYSE:SSTK) by 18.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 79,199 shares of the business services provider’s stock after selling 18,267 shares during the quarter. Penserra Capital Management LLC’s holdings in Shutterstock were worth $2,801,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Shutterstock by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 2,926,166 shares of the business services provider’s stock worth $134,048,000 after purchasing an additional 47,929 shares during the last quarter. TD Asset Management Inc boosted its stake in Shutterstock by 13.7% during the second quarter. TD Asset Management Inc now owns 1,793,925 shares of the business services provider’s stock worth $69,425,000 after buying an additional 215,539 shares during the last quarter. Epoch Investment Partners Inc. boosted its stake in Shutterstock by 22.8% during the second quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock worth $42,010,000 after buying an additional 201,391 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Shutterstock by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider’s stock valued at $33,648,000 after buying an additional 34,243 shares in the last quarter. Finally, Rice Hall James & Associates LLC increased its stake in shares of Shutterstock by 40.7% in the 3rd quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider’s stock worth $18,724,000 after acquiring an additional 153,154 shares during the last quarter. 82.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SSTK shares. Needham & Company LLC reissued a “buy” rating and set a $55.00 price target on shares of Shutterstock in a research report on Tuesday, October 29th. StockNews.com cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Truist Financial reduced their price target on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Finally, Morgan Stanley decreased their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, October 21st.

Shutterstock Trading Up 3.6 %

NYSE SSTK opened at $32.10 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The stock has a market capitalization of $1.12 billion, a P/E ratio of 31.81 and a beta of 1.10. The firm’s 50-day moving average is $32.22 and its two-hundred day moving average is $36.03. Shutterstock, Inc. has a 12 month low of $28.85 and a 12 month high of $54.40.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. The firm had revenue of $250.59 million during the quarter, compared to analysts’ expectations of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the company posted $0.99 EPS. On average, sell-side analysts anticipate that Shutterstock, Inc. will post 3.07 earnings per share for the current year.

Shutterstock Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.20 annualized dividend and a dividend yield of 3.74%. Shutterstock’s dividend payout ratio is presently 117.65%.

Shutterstock 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.