Principal Financial Group Inc. Sells 6,270 Shares of Shutterstock, Inc. (NYSE:SSTK)

Principal Financial Group Inc. decreased its holdings in shares of Shutterstock, Inc. (NYSE:SSTK) by 4.2% in the third quarter, Holdings Channel reports. The firm owned 143,835 shares of the business services provider’s stock after selling 6,270 shares during the quarter. Principal Financial Group Inc.’s holdings in Shutterstock were worth $5,087,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in SSTK. Truvestments Capital LLC acquired a new stake in shares of Shutterstock during the 3rd quarter worth about $31,000. Allspring Global Investments Holdings LLC grew its stake in 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 buying an additional 952 shares during the last quarter. Quarry LP increased its holdings in shares of Shutterstock by 313.0% during the second 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. Headlands Technologies LLC raised its stake in shares of Shutterstock by 1,339.2% in the second quarter. Headlands Technologies LLC now owns 3,339 shares of the business services provider’s stock valued at $129,000 after acquiring an additional 3,107 shares during the last quarter. Finally, Palouse Capital Management Inc. boosted its holdings in shares of Shutterstock by 20.7% in the 2nd quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock worth $150,000 after acquiring an additional 665 shares in the last quarter. 82.79% of the stock is owned by institutional investors and hedge funds.

Shutterstock Stock Down 3.9 %

NYSE SSTK opened at $29.17 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. Shutterstock, Inc. has a 52 week low of $28.85 and a 52 week high of $54.40. The stock has a market capitalization of $1.02 billion, a P/E ratio of 28.60 and a beta of 1.08. The stock has a fifty day moving average of $31.48 and a 200-day moving average of $34.39.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data 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. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm had revenue of $250.59 million during the quarter, compared to analyst estimates of $240.90 million. During the same period last year, the company earned $0.99 earnings per share. The company’s revenue was up 7.4% on a year-over-year basis. On average, equities research analysts forecast that Shutterstock, Inc. will post 3.07 EPS for the current year.

Shutterstock Announces Dividend

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SSTK shares. StockNews.com raised Shutterstock from a “hold” rating to a “buy” rating in a report on Wednesday, December 25th. Truist Financial lowered their target price on 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 reiterated a “buy” rating and set a $55.00 price target on shares of Shutterstock in a research report on Tuesday, October 29th. Finally, Morgan Stanley lowered their price objective on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company 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.