Wells Fargo & Company MN Has $512,000 Stock Position in Shutterstock, Inc. (NYSE:SSTK)

Wells Fargo & Company MN lifted its position in Shutterstock, Inc. (NYSE:SSTK) by 30.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,872 shares of the business services provider’s stock after buying an additional 3,910 shares during the period. Wells Fargo & Company MN’s holdings in Shutterstock were worth $512,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Royce & Associates LP raised its position in shares of Shutterstock by 18.1% during the fourth quarter. Royce & Associates LP now owns 831,626 shares of the business services provider’s stock worth $25,240,000 after purchasing an additional 127,399 shares during the period. Rice Hall James & Associates LLC grew its position in shares of Shutterstock by 3.4% in the 4th quarter. Rice Hall James & Associates LLC now owns 547,520 shares of the business services provider’s stock valued at $16,617,000 after purchasing an additional 18,133 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Shutterstock by 9.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 351,204 shares of the business services provider’s stock worth $10,659,000 after purchasing an additional 30,309 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in Shutterstock during the 4th quarter worth approximately $9,903,000. Finally, Tieton Capital Management LLC lifted its stake in Shutterstock by 73.3% in the fourth quarter. Tieton Capital Management LLC now owns 283,700 shares of the business services provider’s stock valued at $8,610,000 after buying an additional 120,025 shares in the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on SSTK shares. Truist Financial lowered shares of Shutterstock from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Needham & Company LLC dropped their price target on Shutterstock from $45.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, March 7th. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Finally, StockNews.com started coverage on Shutterstock in a research report on Tuesday, April 8th. They issued a “hold” rating on the stock. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $45.33.

Shutterstock Price Performance

NYSE:SSTK opened at $16.78 on Friday. Shutterstock, Inc. has a 52-week low of $14.35 and a 52-week high of $46.10. The company has a market cap of $585.52 million, a P/E ratio of 16.45 and a beta of 1.13. 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 stock’s 50-day simple moving average is $17.94 and its 200 day simple moving average is $26.19.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results on Friday, May 2nd. The business services provider reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.23). Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The company had revenue of $242.62 million for the quarter, compared to analyst estimates of $249.44 million. During the same period last year, the firm earned $1.13 EPS. The firm’s revenue for the quarter was up 13.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Thursday, June 5th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 7.87%. The ex-dividend date is Thursday, June 5th. Shutterstock’s dividend 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.