Sei Investments Co. Raises Stock Position in Shutterstock, Inc. (NYSE:SSTK)

Sei Investments Co. grew its stake in shares of Shutterstock, Inc. (NYSE:SSTK) by 6.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 58,977 shares of the business services provider’s stock after acquiring an additional 3,439 shares during the period. Sei Investments Co.’s holdings in Shutterstock were worth $1,791,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Royce & Associates LP raised its holdings in Shutterstock by 18.1% during the fourth quarter. Royce & Associates LP now owns 831,626 shares of the business services provider’s stock worth $25,240,000 after purchasing an additional 127,399 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Shutterstock in the fourth quarter valued at $1,400,000. Barclays PLC raised its stake in shares of Shutterstock by 238.6% during the 3rd quarter. Barclays PLC now owns 50,565 shares of the business services provider’s stock worth $1,788,000 after buying an additional 35,632 shares during the last quarter. FMR LLC raised its stake in shares of Shutterstock by 397.5% during the 3rd quarter. FMR LLC now owns 39,193 shares of the business services provider’s stock worth $1,386,000 after buying an additional 31,315 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Shutterstock by 9.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 351,204 shares of the business services provider’s stock worth $10,659,000 after buying an additional 30,309 shares in the last quarter. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Shutterstock Price Performance

Shutterstock stock opened at $15.69 on Friday. The stock has a market capitalization of $547.31 million, a P/E ratio of 15.38 and a beta of 1.12. Shutterstock, Inc. has a 12-month low of $14.35 and a 12-month high of $46.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The firm’s 50-day moving average is $23.51 and its two-hundred day moving average is $28.80.

Shutterstock (NYSE:SSTK) last announced its earnings results on Tuesday, February 25th. The business services provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.25). The firm had revenue of $250.30 million for the quarter, compared to analyst estimates of $254.16 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm’s revenue was up 15.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.72 EPS. Equities analysts predict that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Thursday, March 6th were given a $0.33 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 8.42%. This is an increase from Shutterstock’s previous quarterly dividend of $0.30. Shutterstock’s payout ratio is currently 130.69%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Truist Financial downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. JMP Securities restated a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Needham & Company LLC reduced their target price on Shutterstock from $45.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, March 7th. Finally, StockNews.com assumed coverage on Shutterstock in a research report on Monday, March 31st. They set a “hold” rating for the company. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Shutterstock has an average rating of “Hold” and a consensus price target of $45.33.

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.