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

Allspring Global Investments Holdings LLC boosted its position in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 11,862.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 114,241 shares of the business services provider's stock after buying an additional 113,286 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.32% of Shutterstock worth $4,041,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Texas Permanent School Fund Corp boosted its stake in shares of Shutterstock by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 20,941 shares of the business services provider's stock valued at $959,000 after purchasing an additional 271 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Shutterstock by 2.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,575 shares of the business services provider's stock valued at $487,000 after purchasing an additional 309 shares in the last quarter. Cascade Investment Advisors Inc. boosted its stake in shares of Shutterstock by 1.2% in the 3rd quarter. Cascade Investment Advisors Inc. now owns 27,430 shares of the business services provider's stock valued at $970,000 after purchasing an additional 315 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of Shutterstock by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 4,957 shares of the business services provider's stock valued at $227,000 after purchasing an additional 342 shares in the last quarter. Finally, Palouse Capital Management Inc. boosted its stake in shares of Shutterstock by 20.7% in the 2nd quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider's stock valued at $150,000 after purchasing an additional 665 shares in the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

Shutterstock Stock Up 11.3 %

Shutterstock stock traded up $3.34 during mid-day trading on Tuesday, hitting $32.87. 1,869,433 shares of the stock were exchanged, compared to its average volume of 514,302. Shutterstock, Inc. has a 12 month low of $28.95 and a 12 month high of $54.40. The firm's fifty day simple moving average is $33.14 and its two-hundred day simple moving average is $37.29. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 25.44 and a beta of 1.09.

Shutterstock (NYSE:SSTK - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.01). The company had revenue of $220.05 million during the quarter, compared to the consensus estimate of $213.44 million. Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The business's revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.76 EPS. As a group, analysts forecast that Shutterstock, Inc. will post 2.99 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.30 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.20 annualized dividend and a dividend yield of 3.65%. Shutterstock's dividend payout ratio is currently 91.60%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SSTK. Needham & Company LLC restated a "buy" rating and issued a $55.00 price target on shares of Shutterstock in a research note on Tuesday. StockNews.com upgraded shares of Shutterstock from a "hold" rating to a "buy" rating in a report on Tuesday, October 1st. Finally, Morgan Stanley dropped their price objective on shares of Shutterstock from $58.00 to $50.00 and set an "equal weight" rating for the company in a report on Monday, October 21st.

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.