Texas Permanent School Fund Corp trimmed its position in shares of Shutterstock, Inc. (NYSE:SSTK – Free Report) by 14.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,908 shares of the business services provider’s stock after selling 3,033 shares during the period. Texas Permanent School Fund Corp’s holdings in Shutterstock were worth $693,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings 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 worth $37,000 after acquiring an additional 952 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Shutterstock during the second quarter worth $41,000. Truvestments Capital LLC purchased a new stake in shares of Shutterstock during the first quarter worth $42,000. Nisa Investment Advisors LLC raised its holdings 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 worth $79,000 after acquiring an additional 838 shares in the last quarter. Finally, BOKF NA purchased a new stake in shares of Shutterstock during the first quarter worth $139,000. 82.79% of the stock is currently owned by hedge funds and other institutional investors.
Shutterstock Price Performance
NYSE SSTK opened at $35.33 on Friday. Shutterstock, Inc. has a fifty-two week low of $32.38 and a fifty-two week high of $54.40. The stock’s 50-day moving average is $37.08 and its two-hundred day moving average is $40.04. The firm has a market cap of $1.27 billion, a P/E ratio of 13.69 and a beta of 1.09.
Shutterstock Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were paid a $0.30 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.40%. Shutterstock’s payout ratio is presently 46.51%.
Wall Street Analyst Weigh In
SSTK has been the subject of several recent research reports. Morgan Stanley increased their price objective on Shutterstock from $55.00 to $58.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Needham & Company LLC restated a “buy” rating and set a $65.00 target price on shares of Shutterstock in a report on Tuesday, August 6th. Finally, StockNews.com lowered Shutterstock from a “buy” rating to a “hold” rating in a report on Sunday.
Check Out Our Latest Stock Report on Shutterstock
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.
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