Shutterstock, Inc. (NYSE:SSTK) Stock Position Decreased by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its position in Shutterstock, Inc. (NYSE:SSTK) by 4.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 143,835 shares of the business services provider’s stock after selling 6,270 shares during the quarter. Principal Financial Group Inc. owned about 0.41% of Shutterstock worth $5,087,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in SSTK. The Manufacturers Life Insurance Company boosted its stake in shares of Shutterstock by 2.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,575 shares of the business services provider’s stock worth $487,000 after acquiring an additional 309 shares in the last quarter. Cascade Investment Advisors Inc. boosted its position in Shutterstock by 1.2% during the third quarter. Cascade Investment Advisors Inc. now owns 27,430 shares of the business services provider’s stock worth $970,000 after purchasing an additional 315 shares during the period. Covestor Ltd grew its holdings in Shutterstock by 9.5% during the third quarter. Covestor Ltd now owns 4,577 shares of the business services provider’s stock valued at $162,000 after purchasing an additional 397 shares during the last quarter. Palouse Capital Management Inc. raised its position in shares of Shutterstock by 20.7% in the second quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock valued at $150,000 after purchasing an additional 665 shares during the period. Finally, Quest Partners LLC lifted its stake in shares of Shutterstock by 17.9% in the second quarter. Quest Partners LLC now owns 5,406 shares of the business services provider’s stock worth $209,000 after buying an additional 822 shares during the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

Shutterstock Stock Performance

NYSE SSTK opened at $29.17 on Friday. The company’s fifty day moving average is $31.48 and its two-hundred day moving average is $34.39. Shutterstock, Inc. has a 52-week low of $28.85 and a 52-week 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 firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of 28.60 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. The business 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 firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period last year, the business earned $0.99 earnings per share. Equities research analysts forecast that Shutterstock, Inc. will post 3.07 EPS for the current year.

Shutterstock Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a $0.30 dividend. The ex-dividend date was Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.11%. Shutterstock’s payout ratio is 117.65%.

Analyst Ratings Changes

SSTK has been the topic of several recent analyst reports. StockNews.com upgraded shares of Shutterstock from a “hold” rating to a “buy” rating in a report on Wednesday, December 25th. Truist Financial dropped 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. 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. Finally, Morgan Stanley dropped their price target on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, October 21st.

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.