Principal Financial Group Inc. Trims Stake in Shutterstock, Inc. (NYSE:SSTK)

Principal Financial Group Inc. cut its position in shares of Shutterstock, Inc. (NYSE:SSTK) by 4.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 143,835 shares of the business services provider’s stock after selling 6,270 shares during the period. Principal Financial Group Inc. owned approximately 0.41% of Shutterstock worth $5,087,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its stake in shares of Shutterstock by 31,733.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock valued at $37,000 after acquiring an additional 952 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in Shutterstock during the 2nd quarter valued at $41,000. Truvestments Capital LLC purchased a new stake in shares of Shutterstock in the 1st quarter worth $42,000. Quarry LP grew its position in shares of Shutterstock by 313.0% during the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock worth $43,000 after buying an additional 842 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its stake 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 buying an additional 838 shares during the period. 82.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SSTK has been the topic of a number of research reports. Morgan Stanley cut their target price 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 reduced their target price on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Needham & Company LLC reiterated a “buy” rating and set a $55.00 price objective on shares of Shutterstock in a report on Tuesday, October 29th. Finally, StockNews.com cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th.

Shutterstock Trading Up 3.1 %

Shares of Shutterstock stock opened at $30.46 on Thursday. Shutterstock, Inc. has a 1 year low of $28.85 and a 1 year high of $54.40. 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 market cap of $1.06 billion, a PE ratio of 29.86 and a beta of 1.10. The firm has a fifty day moving average price of $32.37 and a 200 day moving average price of $36.22.

Shutterstock (NYSE:SSTK) last issued its earnings results on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. The firm had revenue of $250.59 million for the quarter, compared to the consensus estimate of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The company’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.99 earnings per share. Equities research analysts predict that Shutterstock, Inc. will post 3.07 earnings per share for the current year.

Shutterstock Announces Dividend

The company also recently announced 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. This represents a $1.20 annualized dividend and a dividend yield of 3.94%. The ex-dividend date of this dividend is Friday, November 29th. Shutterstock’s dividend payout ratio (DPR) is 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.