Allspring Global Investments Holdings LLC Has $940,000 Stake in Shutterstock, Inc. (NYSE:SSTK)

Allspring Global Investments Holdings LLC trimmed its stake in Shutterstock, Inc. (NYSE:SSTK) by 86.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,461 shares of the business services provider’s stock after selling 122,703 shares during the period. Allspring Global Investments Holdings LLC owned about 0.05% of Shutterstock worth $940,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Fifth Third Bancorp grew its position in Shutterstock by 48.7% in the 4th quarter. Fifth Third Bancorp now owns 883 shares of the business services provider’s stock worth $43,000 after purchasing an additional 289 shares during the last quarter. Ronald Blue Trust Inc. boosted its position in shares of Shutterstock by 1,165.7% during the 3rd quarter. Ronald Blue Trust Inc. now owns 1,329 shares of the business services provider’s stock valued at $51,000 after acquiring an additional 1,224 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Shutterstock by 317.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,170 shares of the business services provider’s stock valued at $56,000 after acquiring an additional 890 shares in the last quarter. Covestor Ltd boosted its position in shares of Shutterstock by 77.2% during the 3rd quarter. Covestor Ltd now owns 2,327 shares of the business services provider’s stock valued at $88,000 after acquiring an additional 1,014 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of Shutterstock by 47.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,965 shares of the business services provider’s stock valued at $113,000 after acquiring an additional 954 shares in the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Shutterstock news, insider John Caine sold 1,974 shares of the business’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $43.30, for a total value of $85,474.20. Following the completion of the transaction, the insider now directly owns 7,413 shares of the company’s stock, valued at $320,982.90. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 32.30% of the company’s stock.

Analysts Set New Price Targets

SSTK has been the topic of several recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Shutterstock in a research report on Thursday, February 29th. Morgan Stanley initiated coverage on shares of Shutterstock in a research report on Thursday, February 22nd. They set an “equal weight” rating and a $55.00 target price on the stock. Truist Financial decreased their target price on shares of Shutterstock from $85.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. Finally, StockNews.com downgraded shares of Shutterstock from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 29th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $62.50.

Shutterstock Stock Up 2.2 %

Shares of SSTK stock opened at $42.78 on Wednesday. Shutterstock, Inc. has a 12-month low of $33.80 and a 12-month high of $74.20. The company has a market capitalization of $1.52 billion, a P/E ratio of 14.12 and a beta of 1.09. The firm has a 50-day moving average price of $45.89 and a 200 day moving average price of $44.94.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.13. Shutterstock had a net margin of 12.61% and a return on equity of 23.04%. The firm had revenue of $217.22 million during the quarter, compared to the consensus estimate of $224.04 million. As a group, research analysts expect that Shutterstock, Inc. will post 3.13 earnings per share for the current year.

Shutterstock Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Thursday, February 29th were paid a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This is an increase from Shutterstock’s previous quarterly dividend of $0.27. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.81%. Shutterstock’s payout ratio is currently 39.60%.

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.