Allspring Global Investments Holdings LLC Boosts Stock Position in Shutterstock, Inc. (NYSE:SSTK)

Allspring Global Investments Holdings LLC boosted its stake in shares of Shutterstock, Inc. (NYSE:SSTK) by 31,733.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 955 shares of the business services provider’s stock after acquiring an additional 952 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Shutterstock were worth $37,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of SSTK. International Assets Investment Management LLC boosted its holdings in Shutterstock by 4,728.0% during the 4th quarter. International Assets Investment Management LLC now owns 19,312 shares of the business services provider’s stock valued at $932,000 after acquiring an additional 18,912 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Shutterstock by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 286,729 shares of the business services provider’s stock valued at $13,843,000 after acquiring an additional 10,389 shares during the period. Teacher Retirement System of Texas bought a new position in Shutterstock during the 4th quarter valued at approximately $213,000. Dimensional Fund Advisors LP raised its position in Shutterstock by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 819,656 shares of the business services provider’s stock valued at $39,574,000 after purchasing an additional 13,899 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Shutterstock by 0.3% during the 4th quarter. Principal Financial Group Inc. now owns 146,428 shares of the business services provider’s stock valued at $7,070,000 after purchasing an additional 372 shares during the last quarter. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

Shutterstock Stock Performance

Shares of NYSE:SSTK opened at $34.06 on Tuesday. Shutterstock, Inc. has a 52-week low of $32.72 and a 52-week high of $54.40. The firm has a market capitalization of $1.21 billion, a P/E ratio of 13.20 and a beta of 1.10. The stock has a 50 day moving average price of $37.54 and a 200-day moving average price of $40.94.

Shutterstock (NYSE:SSTK) last announced its earnings results on Tuesday, August 6th. The business services provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.01). Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The firm had revenue of $220.05 million during the quarter, compared to the consensus estimate of $213.44 million. During the same period in the prior year, the company posted $0.76 EPS. The firm’s revenue was up 5.4% on a year-over-year basis. On average, equities analysts forecast that Shutterstock, Inc. will post 3.22 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Thursday, August 29th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date is Thursday, August 29th. Shutterstock’s dividend payout ratio (DPR) is presently 46.51%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SSTK shares. StockNews.com raised Shutterstock from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th. Morgan Stanley upped their price target on Shutterstock from $55.00 to $58.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price target on shares of Shutterstock in a research report on Tuesday, August 6th.

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.