Victory Capital Management Inc. Sells 33,187 Shares of Shutterstock, Inc. (NYSE:SSTK)

Victory Capital Management Inc. lowered its stake in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 20.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 130,068 shares of the business services provider's stock after selling 33,187 shares during the period. Victory Capital Management Inc. owned approximately 0.37% of Shutterstock worth $4,601,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in SSTK. Sei Investments Co. grew its position in Shutterstock by 14.5% in the 1st quarter. Sei Investments Co. now owns 44,214 shares of the business services provider's stock worth $2,025,000 after purchasing an additional 5,605 shares during the period. ProShare Advisors LLC boosted its position in Shutterstock by 7.4% in the first quarter. ProShare Advisors LLC now owns 4,957 shares of the business services provider's stock worth $227,000 after purchasing an additional 342 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Shutterstock by 41.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 10,067 shares of the business services provider's stock valued at $461,000 after purchasing an additional 2,965 shares during the period. Vanguard Group Inc. increased its position 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 valued at $134,048,000 after purchasing an additional 47,929 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its stake in shares of Shutterstock by 7.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 20,438 shares of the business services provider's stock worth $936,000 after purchasing an additional 1,485 shares during the period. Hedge funds and other institutional investors own 82.79% of the company's stock.

Shutterstock Price Performance

SSTK stock traded up $0.94 during trading on Friday, reaching $30.98. The company's stock had a trading volume of 305,999 shares, compared to its average volume of 551,823. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. The company's fifty day moving average is $32.22 and its 200-day moving average is $36.07. The company has a market capitalization of $1.08 billion, a P/E ratio of 30.37 and a beta of 1.10. Shutterstock, Inc. has a 1 year low of $28.85 and a 1 year high of $54.40.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, beating analysts' consensus estimates of $1.06 by $0.25. The firm 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 business's quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.99 earnings per share. On average, research analysts expect that Shutterstock, Inc. will post 3.07 earnings per share for the current fiscal year.

Shutterstock Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend yield of 3.87%. Shutterstock's dividend payout ratio (DPR) is 117.65%.

Analysts Set New Price Targets

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

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.