R Squared Ltd Makes New Investment in Shutterstock, Inc. (NYSE:SSTK)

R Squared Ltd acquired a new stake in Shutterstock, Inc. (NYSE:SSTK) during the fourth quarter, HoldingsChannel reports. The firm acquired 3,570 shares of the business services provider’s stock, valued at approximately $108,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its position in shares of Shutterstock by 2.5% during the second quarter. The Manufacturers Life Insurance Company now owns 12,575 shares of the business services provider’s stock worth $487,000 after purchasing an additional 309 shares in the last quarter. Cascade Investment Advisors Inc. increased its position in Shutterstock by 1.2% during the third quarter. Cascade Investment Advisors Inc. now owns 27,430 shares of the business services provider’s stock worth $970,000 after buying an additional 315 shares during the period. Covestor Ltd lifted its stake in Shutterstock by 9.5% in the third quarter. Covestor Ltd now owns 4,577 shares of the business services provider’s stock valued at $162,000 after buying an additional 397 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Shutterstock by 1.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider’s stock valued at $1,066,000 after acquiring an additional 532 shares during the period. Finally, Quarry LP increased its holdings in shares of Shutterstock by 313.0% in the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock valued at $43,000 after acquiring an additional 842 shares during the period. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on SSTK. Morgan Stanley reduced their target price on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. Truist Financial reduced their price objective on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Needham & Company LLC cut their target price on Shutterstock from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, January 13th. StockNews.com assumed coverage on Shutterstock in a research report on Sunday, January 26th. They issued a “hold” rating for the company. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $50.33.

Shutterstock Trading Down 0.1 %

NYSE:SSTK opened at $28.79 on Friday. The company has a market capitalization of $1.00 billion, a PE ratio of 28.22 and a beta of 1.08. Shutterstock, Inc. has a 52-week low of $27.30 and a 52-week high of $54.40. The stock has a fifty day simple moving average of $30.98 and a 200-day simple moving average of $33.40. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.25. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The company had revenue of $250.59 million for the quarter, compared to the consensus estimate of $240.90 million. During the same quarter in the prior year, the firm earned $0.99 earnings per share. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. On average, equities research analysts expect that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.32 dividend on an annualized basis and a yield of 4.59%. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30. Shutterstock’s dividend payout ratio is presently 117.65%.

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.