Allspring Global Investments Holdings LLC Has $4.04 Million Position in Shutterstock, Inc. (NYSE:SSTK)

Allspring Global Investments Holdings LLC grew its stake in Shutterstock, Inc. (NYSE:SSTK) by 11,862.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 0.32% of Shutterstock worth $4,041,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. TD Asset Management Inc raised its holdings in Shutterstock by 74.1% during the 1st quarter. TD Asset Management Inc now owns 1,578,386 shares of the business services provider’s stock worth $72,306,000 after purchasing an additional 671,995 shares during the last quarter. LSV Asset Management increased its position in shares of Shutterstock by 30.9% during the first quarter. LSV Asset Management now owns 1,793,785 shares of the business services provider’s stock worth $82,173,000 after buying an additional 422,942 shares during the period. Rubric Capital Management LP bought a new position in Shutterstock during the second quarter worth $14,769,000. Epoch Investment Partners Inc. lifted its holdings in Shutterstock by 68.8% in the first quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock valued at $40,503,000 after buying an additional 360,415 shares during the period. Finally, Invenomic Capital Management LP boosted its position in Shutterstock by 30.9% during the first quarter. Invenomic Capital Management LP now owns 594,475 shares of the business services provider’s stock valued at $27,233,000 after acquiring an additional 140,339 shares during the last quarter. 82.79% of the stock is currently owned by institutional investors.

Shutterstock Stock Up 0.9 %

Shares of SSTK opened at $29.54 on Tuesday. The stock has a market cap of $1.05 billion, a P/E ratio of 22.55 and a beta of 1.09. The business’s fifty day moving average is $33.27 and its 200 day moving average is $37.38. Shutterstock, Inc. has a 12-month low of $28.95 and a 12-month high of $54.40.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). The business 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 firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period last year, the business posted $0.76 earnings per share. On average, analysts expect that Shutterstock, Inc. will post 2.99 EPS for the current year.

Shutterstock Dividend Announcement

The business 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. This represents a $1.20 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date is Friday, November 29th. Shutterstock’s dividend payout ratio is currently 91.60%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SSTK. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price objective on shares of Shutterstock in a research report on Tuesday, August 6th. Morgan Stanley lowered their target price on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. Finally, StockNews.com upgraded Shutterstock from a “hold” rating to a “buy” rating in a report on Tuesday, October 1st.

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.