Geode Capital Management LLC Has $20.28 Million Stake in Shutterstock, Inc. (NYSE:SSTK)

Geode Capital Management LLC grew its holdings in Shutterstock, Inc. (NYSE:SSTK) by 4.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 573,128 shares of the business services provider’s stock after purchasing an additional 25,050 shares during the period. Geode Capital Management LLC’s holdings in Shutterstock were worth $20,275,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Barclays PLC boosted its position in Shutterstock by 238.6% during the third quarter. Barclays PLC now owns 50,565 shares of the business services provider’s stock valued at $1,788,000 after purchasing an additional 35,632 shares during the last quarter. XTX Topco Ltd increased its position in Shutterstock by 97.3% during the third quarter. XTX Topco Ltd now owns 16,524 shares of the business services provider’s stock worth $584,000 after buying an additional 8,151 shares during the last quarter. National Bank of Canada FI raised its stake in Shutterstock by 74.0% in the third quarter. National Bank of Canada FI now owns 9,549 shares of the business services provider’s stock valued at $338,000 after buying an additional 4,061 shares during the period. Weiss Asset Management LP acquired a new stake in shares of Shutterstock in the third quarter valued at approximately $833,000. Finally, State Street Corp boosted its stake in shares of Shutterstock by 1.4% during the 3rd quarter. State Street Corp now owns 966,694 shares of the business services provider’s stock worth $34,192,000 after acquiring an additional 13,039 shares during the period. 82.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SSTK. Needham & Company LLC restated a “buy” rating and issued a $55.00 price target on shares of Shutterstock in a research note on Tuesday, October 29th. StockNews.com upgraded shares of Shutterstock from a “hold” rating to a “buy” rating in a research report on Wednesday. Truist Financial dropped their target price 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. Finally, Morgan Stanley lowered their target price on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, October 21st.

Shutterstock Price Performance

Shares of NYSE:SSTK opened at $30.26 on Friday. Shutterstock, Inc. has a 52 week low of $28.85 and a 52 week high of $54.40. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. The firm has a market cap of $1.05 billion, a PE ratio of 29.67 and a beta of 1.08. The firm’s fifty day moving average is $31.44 and its 200-day moving average is $34.63.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share 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 the consensus estimate of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.99 EPS. Sell-side analysts predict that Shutterstock, Inc. will post 3.07 earnings per share for the current year.

Shutterstock Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date was Friday, November 29th. Shutterstock’s dividend payout ratio is 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.