Allspring Global Investments Holdings LLC Sells 122,703 Shares of Shutterstock, Inc. (NYSE:SSTK)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Shutterstock, Inc. (NYSE:SSTK) by 86.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 19,461 shares of the business services provider’s stock after selling 122,703 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Shutterstock were worth $940,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its position in Shutterstock by 4.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 276,340 shares of the business services provider’s stock worth $10,515,000 after acquiring an additional 11,333 shares during the period. Federated Hermes Inc. increased its position in Shutterstock by 75,482.5% during the third quarter. Federated Hermes Inc. now owns 43,082 shares of the business services provider’s stock worth $1,639,000 after acquiring an additional 43,025 shares during the period. Hussman Strategic Advisors Inc. increased its position in Shutterstock by 35.5% during the third quarter. Hussman Strategic Advisors Inc. now owns 42,000 shares of the business services provider’s stock worth $1,598,000 after acquiring an additional 11,000 shares during the period. Schroder Investment Management Group bought a new position in Shutterstock during the third quarter worth about $7,046,000. Finally, Raymond James & Associates increased its position in Shutterstock by 13.6% during the fourth quarter. Raymond James & Associates now owns 62,343 shares of the business services provider’s stock worth $3,010,000 after acquiring an additional 7,447 shares during the period. 82.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Insider Activity

In other news, insider John Caine sold 1,974 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $43.30, for a total value of $85,474.20. Following the sale, the insider now directly owns 7,413 shares in the company, valued at approximately $320,982.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 32.30% of the stock is currently owned by corporate insiders.

Shutterstock Trading Up 2.2 %

SSTK opened at $42.78 on Wednesday. The company’s 50 day moving average is $45.89 and its 200-day moving average is $44.94. Shutterstock, Inc. has a 1-year low of $33.80 and a 1-year high of $74.20. The company has a market cap of $1.52 billion, a P/E ratio of 14.12 and a beta of 1.09.

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

Shutterstock Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Thursday, February 29th were paid a $0.30 dividend. 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%. The ex-dividend date of this dividend was Wednesday, February 28th. Shutterstock’s dividend payout ratio (DPR) is presently 39.60%.

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.