New York State Teachers Retirement System Cuts Position in Shutterstock, Inc. (NYSE:SSTK)

New York State Teachers Retirement System cut its holdings in Shutterstock, Inc. (NYSE:SSTK) by 13.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,667 shares of the business services provider’s stock after selling 1,892 shares during the period. New York State Teachers Retirement System’s holdings in Shutterstock were worth $384,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC lifted its stake in Shutterstock by 397.5% in the third quarter. FMR LLC now owns 39,193 shares of the business services provider’s stock worth $1,386,000 after purchasing an additional 31,315 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Shutterstock by 4.6% during the third quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock valued at $20,275,000 after acquiring an additional 25,050 shares during the last quarter. Barclays PLC raised its stake in shares of Shutterstock by 238.6% during the third quarter. Barclays PLC now owns 50,565 shares of the business services provider’s stock valued at $1,788,000 after acquiring an additional 35,632 shares during the last quarter. Hotchkis & Wiley Capital Management LLC bought a new position in shares of Shutterstock during the third quarter valued at about $8,493,000. Finally, Harbor Capital Advisors Inc. raised its stake in shares of Shutterstock by 110.7% during the third quarter. Harbor Capital Advisors Inc. now owns 34,588 shares of the business services provider’s stock valued at $1,223,000 after acquiring an additional 18,174 shares during the last quarter. 82.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SSTK has been the subject of several recent analyst reports. Truist Financial lowered their price objective on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Needham & Company LLC lowered their price objective on shares of Shutterstock from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, January 13th. StockNews.com started coverage on shares of Shutterstock in a research note on Wednesday, February 19th. They set a “hold” rating for the company. Finally, JMP Securities reissued a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Shutterstock has an average rating of “Hold” and a consensus target price of $50.33.

Shutterstock Price Performance

SSTK stock opened at $24.47 on Tuesday. Shutterstock, Inc. has a 1 year low of $24.12 and a 1 year high of $54.40. The company has a market cap of $853.05 million, a P/E ratio of 23.99 and a beta of 1.08. The firm has a 50-day moving average of $29.82 and a 200 day moving average of $31.84. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42.

Shutterstock Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be paid a $0.33 dividend. This is an increase from Shutterstock’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 5.39%. The ex-dividend date is Thursday, March 6th. Shutterstock’s dividend payout ratio is presently 129.41%.

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.