Envestnet Asset Management Inc. Has $4.91 Million Stock Position in Shutterstock, Inc. (NYSE:SSTK)

Envestnet Asset Management Inc. lessened its stake in shares of Shutterstock, Inc. (NYSE:SSTK) by 7.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 161,616 shares of the business services provider’s stock after selling 12,209 shares during the period. Envestnet Asset Management Inc. owned about 0.46% of Shutterstock worth $4,905,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Amundi lifted its position in shares of Shutterstock by 26.2% in the 4th quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after acquiring an additional 488 shares in the last quarter. Palouse Capital Management Inc. boosted its position in shares of Shutterstock by 13.7% in the fourth quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock worth $132,000 after buying an additional 525 shares during the period. Harbor Capital Advisors Inc. grew its holdings in shares of Shutterstock by 1.5% during 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 buying an additional 532 shares in the last quarter. Franklin Resources Inc. raised its position in Shutterstock by 6.2% during the third quarter. Franklin Resources Inc. now owns 15,413 shares of the business services provider’s stock valued at $545,000 after buying an additional 894 shares during the period. Finally, KBC Group NV lifted its stake in Shutterstock by 1.5% in the 4th quarter. KBC Group NV now owns 66,069 shares of the business services provider’s stock worth $2,005,000 after acquiring an additional 999 shares in the last quarter. 82.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SSTK. StockNews.com started coverage on Shutterstock in a report on Tuesday, April 8th. They issued a “hold” rating on the stock. Truist Financial downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. JMP Securities restated a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. Finally, Needham & Company LLC cut their price objective on Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a report on Friday, March 7th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $45.33.

Shutterstock Stock Performance

SSTK stock opened at $16.32 on Wednesday. The firm has a 50 day moving average of $19.50 and a two-hundred day moving average of $26.99. Shutterstock, Inc. has a 12 month low of $14.35 and a 12 month high of $46.10. The company has a market capitalization of $569.57 million, a price-to-earnings ratio of 16.00 and a beta of 1.13. 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 posted its earnings results on Tuesday, February 25th. The business services provider reported $0.67 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.25). Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business had revenue of $250.30 million for the quarter, compared to analyst estimates of $254.16 million. During the same period in the previous year, the company earned $0.72 earnings per share. The company’s quarterly revenue was up 15.2% compared to the same quarter last year. As a group, equities analysts anticipate that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Thursday, June 5th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $1.32 dividend on an annualized basis and a yield of 8.09%. Shutterstock’s payout ratio is currently 130.69%.

Shutterstock 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.