Shutterstock, Inc. (NYSE:SSTK) Shares Sold by Penserra Capital Management LLC

Penserra Capital Management LLC decreased its stake in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 18.7% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 79,199 shares of the business services provider's stock after selling 18,267 shares during the period. Penserra Capital Management LLC owned 0.23% of Shutterstock worth $2,801,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its holdings in Shutterstock by 31,733.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider's stock worth $37,000 after acquiring an additional 952 shares during the last quarter. 1620 Investment Advisors Inc. bought a new stake in Shutterstock in the second quarter worth $41,000. Quarry LP lifted its holdings in shares of Shutterstock by 313.0% during the second quarter. Quarry LP now owns 1,111 shares of the business services provider's stock valued at $43,000 after purchasing an additional 842 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Shutterstock by 69.6% during the second quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider's stock valued at $79,000 after purchasing an additional 838 shares in the last quarter. Finally, Headlands Technologies LLC lifted its holdings in shares of Shutterstock by 1,339.2% during the second quarter. Headlands Technologies LLC now owns 3,339 shares of the business services provider's stock valued at $129,000 after purchasing an additional 3,107 shares in the last quarter. Hedge funds and other institutional investors own 82.79% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a "buy" rating and set a $55.00 price target on shares of Shutterstock in a report on Tuesday, October 29th. StockNews.com cut Shutterstock from a "buy" rating to a "hold" rating in a research report on Wednesday, October 30th. Morgan Stanley reduced their price objective on Shutterstock from $58.00 to $50.00 and set an "equal weight" rating for the company in a research report on Monday, October 21st. Finally, Truist Financial reduced their price objective on Shutterstock from $65.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, October 30th.

Shutterstock Price Performance

Shares of NYSE SSTK traded down $0.71 during mid-day trading on Tuesday, reaching $31.39. The company's stock had a trading volume of 309,921 shares, compared to its average volume of 509,483. The firm has a market capitalization of $1.09 billion, a PE ratio of 31.47 and a beta of 1.10. 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 fifty day moving average of $32.18 and a two-hundred day moving average of $35.97. Shutterstock, Inc. has a 52 week low of $28.85 and a 52 week high of $54.40.

Shutterstock (NYSE:SSTK - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, beating analysts' consensus estimates of $1.06 by $0.25. The company had revenue of $250.59 million during the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm's revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.99 earnings per share. As a group, sell-side analysts anticipate that Shutterstock, Inc. will post 3.07 EPS for the current fiscal year.

Shutterstock Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.20 annualized dividend and a yield of 3.82%. Shutterstock's payout ratio is currently 117.65%.

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.