Legato Capital Management LLC Sells 5,703 Shares of Shutterstock, Inc. (NYSE:SSTK)

Legato Capital Management LLC lessened its holdings in shares of Shutterstock, Inc. (NYSE:SSTK) by 42.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 7,803 shares of the business services provider’s stock after selling 5,703 shares during the period. Legato Capital Management LLC’s holdings in Shutterstock were worth $237,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of SSTK. Truvestments Capital LLC bought a new stake in Shutterstock in the 3rd quarter worth approximately $31,000. R Squared Ltd bought a new stake in Shutterstock in the 4th quarter worth approximately $108,000. Covestor Ltd lifted its position in Shutterstock by 9.5% in the 3rd quarter. Covestor Ltd now owns 4,577 shares of the business services provider’s stock worth $162,000 after buying an additional 397 shares during the last quarter. Moors & Cabot Inc. bought a new stake in Shutterstock in the 3rd quarter worth approximately $284,000. Finally, National Bank of Canada FI lifted its position in Shutterstock by 74.0% in the 3rd quarter. National Bank of Canada FI now owns 9,549 shares of the business services provider’s stock worth $338,000 after buying an additional 4,061 shares during the last quarter. Institutional investors own 82.79% of the company’s stock.

Shutterstock Trading Down 2.5 %

Shutterstock stock opened at $28.71 on Friday. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The business’s fifty day simple moving average is $30.50 and its two-hundred day simple moving average is $32.49. Shutterstock, Inc. has a 12 month low of $27.30 and a 12 month high of $54.40. The company has a market capitalization of $1.00 billion, a price-to-earnings ratio of 28.15 and a beta of 1.08.

Shutterstock Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, March 6th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 4.60%. This is an increase from Shutterstock’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, March 6th. Shutterstock’s payout ratio is 117.65%.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Truist Financial dropped their target price on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. StockNews.com initiated coverage on Shutterstock in a research note on Tuesday. They issued a “hold” rating on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. Needham & Company LLC reduced their price target on Shutterstock from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Finally, Morgan Stanley dropped their target price on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, October 21st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $50.33.

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.