Shutterstock, Inc. (NYSE:SSTK) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. reduced its position in shares of Shutterstock, Inc. (NYSE:SSTK) by 17.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 85,237 shares of the business services provider’s stock after selling 17,909 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Shutterstock were worth $3,015,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. ProShare Advisors LLC lifted its position in Shutterstock by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 4,957 shares of the business services provider’s stock worth $227,000 after acquiring an additional 342 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in Shutterstock by 41.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 10,067 shares of the business services provider’s stock valued at $461,000 after acquiring an additional 2,965 shares during the period. Vanguard Group Inc. boosted its position in shares of Shutterstock by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 2,926,166 shares of the business services provider’s stock worth $134,048,000 after purchasing an additional 47,929 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in Shutterstock by 7.8% during the first quarter. CANADA LIFE ASSURANCE Co now owns 20,438 shares of the business services provider’s stock worth $936,000 after buying an additional 1,485 shares in the last quarter. Finally, BOKF NA purchased a new position in Shutterstock in the first quarter valued at about $139,000. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. StockNews.com cut Shutterstock from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Truist Financial reduced their price objective on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price target on shares of Shutterstock in a research note on Tuesday, October 29th. Finally, Morgan Stanley reduced their price target on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, October 21st.

Shutterstock Stock Performance

Shutterstock stock opened at $30.98 on Monday. The stock has a market cap of $1.08 billion, a P/E ratio of 30.37 and a beta of 1.10. The stock has a 50 day moving average of $32.22 and a 200-day moving average of $36.05. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. Shutterstock, Inc. has a 52 week low of $28.85 and a 52 week high of $54.40.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.25. The business had revenue of $250.59 million during the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.99 EPS. On average, analysts expect that Shutterstock, Inc. will post 3.07 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a yield of 3.87%. Shutterstock’s dividend payout ratio (DPR) 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.