Connor Clark & Lunn Investment Management Ltd. Decreases Stock Holdings in Shutterstock, Inc. (NYSE:SSTK)

Connor Clark & Lunn Investment Management Ltd. cut its holdings in Shutterstock, Inc. (NYSE:SSTK - Free Report) by 36.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 53,959 shares of the business services provider's stock after selling 31,278 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.15% of Shutterstock worth $1,638,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Amundi grew its stake in Shutterstock by 26.2% during the fourth quarter. Amundi now owns 2,350 shares of the business services provider's stock worth $71,000 after buying an additional 488 shares in the last quarter. Palouse Capital Management Inc. raised its holdings in Shutterstock by 13.7% in the 4th quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider's stock valued at $132,000 after buying an additional 525 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in Shutterstock by 1.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider's stock worth $1,066,000 after purchasing an additional 532 shares during the last quarter. Truvestments Capital LLC bought a new position in Shutterstock during the 3rd quarter worth approximately $31,000. Finally, Franklin Resources Inc. increased its stake in shares of Shutterstock by 6.2% in the 3rd quarter. Franklin Resources Inc. now owns 15,413 shares of the business services provider's stock valued at $545,000 after acquiring an additional 894 shares in the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

A number of analysts have commented on SSTK shares. JMP Securities restated a "market perform" rating on shares of Shutterstock in a research note on Monday, January 6th. StockNews.com initiated coverage on shares of Shutterstock in a research report on Sunday. They set a "hold" rating for the company. Needham & Company LLC dropped their price objective on shares of Shutterstock from $45.00 to $30.00 and set a "buy" rating on the stock in a report on Friday, March 7th. Finally, Truist Financial downgraded shares of Shutterstock from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $45.33.

Shutterstock Trading Up 0.2 %

SSTK stock traded up $0.03 on Friday, reaching $19.55. The company's stock had a trading volume of 704,416 shares, compared to its average volume of 512,487. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. The firm has a market cap of $682.18 million, a PE ratio of 19.17 and a beta of 1.12. The business has a fifty day simple moving average of $25.96 and a two-hundred day simple moving average of $29.90. Shutterstock, Inc. has a 12-month low of $18.63 and a 12-month high of $47.89.

Shutterstock (NYSE:SSTK - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The business services provider reported $0.67 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.25). Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business had revenue of $250.30 million during the quarter, compared to the consensus estimate of $254.16 million. During the same quarter in the previous year, the business posted $0.72 earnings per share. Shutterstock's quarterly revenue was up 15.2% compared to the same quarter last year. As a group, research analysts forecast that Shutterstock, Inc. will post 3.12 EPS for the current year.

Shutterstock Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Thursday, March 6th were issued a $0.33 dividend. The ex-dividend date was Thursday, March 6th. This is a boost from Shutterstock's previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 6.75%. Shutterstock's payout ratio is currently 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.