Primecap Management Co. CA Sells 47,500 Shares of Shutterstock, Inc. (NYSE:SSTK)

Primecap Management Co. CA lessened its position in Shutterstock, Inc. (NYSE:SSTK - Free Report) by 47.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 52,300 shares of the business services provider's stock after selling 47,500 shares during the period. Primecap Management Co. CA owned 0.15% of Shutterstock worth $1,587,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of SSTK. State Street Corp boosted its holdings in shares of Shutterstock by 1.4% during the third quarter. State Street Corp now owns 966,694 shares of the business services provider's stock worth $34,192,000 after purchasing an additional 13,039 shares during the period. Royce & Associates LP lifted its holdings in Shutterstock by 18.1% in the 4th quarter. Royce & Associates LP now owns 831,626 shares of the business services provider's stock worth $25,240,000 after buying an additional 127,399 shares during the period. Geode Capital Management LLC grew its position in shares of Shutterstock by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider's stock worth $20,275,000 after buying an additional 25,050 shares during the last quarter. Rice Hall James & Associates LLC increased its stake in shares of Shutterstock by 3.4% during the fourth quarter. Rice Hall James & Associates LLC now owns 547,520 shares of the business services provider's stock valued at $16,617,000 after buying an additional 18,133 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Shutterstock by 9.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 351,204 shares of the business services provider's stock valued at $10,659,000 after acquiring an additional 30,309 shares in the last quarter. Hedge funds and other institutional investors own 82.79% of the company's stock.

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Shutterstock Stock Up 0.5 %

Shares of Shutterstock stock traded up $0.09 during trading on Monday, hitting $19.67. The company's stock had a trading volume of 323,660 shares, compared to its average volume of 511,731. Shutterstock, Inc. has a 52 week low of $18.63 and a 52 week high of $47.89. The company has a market capitalization of $686.36 million, a PE ratio of 19.28 and a beta of 1.12. The company has a fifty day simple moving average of $25.96 and a two-hundred day simple moving average of $29.87. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42.

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

Shutterstock Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, March 6th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 6.71%. This is an increase from Shutterstock's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, March 6th. Shutterstock's payout ratio is 130.69%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. JMP Securities reissued a "market perform" rating on shares of Shutterstock in a research report on Monday, January 6th. StockNews.com began coverage on shares of Shutterstock in a research note on Sunday. They issued a "hold" rating for the company. Truist Financial lowered shares of Shutterstock from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Finally, Needham & Company LLC decreased their target price on Shutterstock from $45.00 to $30.00 and set a "buy" rating for the company in a research report on Friday, March 7th. 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 company currently has an average rating of "Hold" and a consensus target price of $45.33.

About Shutterstock

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.