Nuveen Asset Management LLC Has $2.59 Million Stake in Shutterstock, Inc. (NYSE:SSTK)

Nuveen Asset Management LLC trimmed its stake in shares of Shutterstock, Inc. (NYSE:SSTK) by 46.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,161 shares of the business services provider’s stock after selling 73,980 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.24% of Shutterstock worth $2,585,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership bought a new position in shares of Shutterstock in the 4th quarter valued at $9,903,000. Dimensional Fund Advisors LP increased its holdings in Shutterstock by 22.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,018,231 shares of the business services provider’s stock worth $30,904,000 after purchasing an additional 189,015 shares in the last quarter. Invenomic Capital Management LP increased its holdings in Shutterstock by 28.1% in the 4th quarter. Invenomic Capital Management LP now owns 601,490 shares of the business services provider’s stock worth $18,255,000 after purchasing an additional 132,055 shares in the last quarter. Millennium Management LLC raised its holdings in Shutterstock by 77.6% in the 4th quarter. Millennium Management LLC now owns 299,412 shares of the business services provider’s stock valued at $9,087,000 after buying an additional 130,831 shares during the last quarter. Finally, Royce & Associates LP boosted its position in Shutterstock by 18.1% during the 4th quarter. Royce & Associates LP now owns 831,626 shares of the business services provider’s stock worth $25,240,000 after buying an additional 127,399 shares during the period. Institutional investors own 82.79% of the company’s stock.

Shutterstock Trading Down 2.3%

SSTK opened at $18.02 on Tuesday. Shutterstock, Inc. has a twelve month low of $14.35 and a twelve month high of $46.10. The company has a fifty day moving average of $17.20 and a 200-day moving average of $24.22. The stock has a market cap of $635.28 million, a PE ratio of 17.67 and a beta of 1.10. 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 issued its quarterly earnings results on Friday, May 2nd. The business services provider reported $1.03 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.23). Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business had revenue of $242.62 million for the quarter, compared to analyst estimates of $249.44 million. During the same quarter in the previous year, the business posted $1.13 earnings per share. The business’s revenue was up 13.2% on a year-over-year basis. On average, sell-side analysts predict that Shutterstock, Inc. will post 3.12 EPS for the current year.

Shutterstock Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Thursday, June 5th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 7.33%. The ex-dividend date of this dividend is Thursday, June 5th. Shutterstock’s dividend payout ratio is presently 121.10%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Wall Street Zen started coverage on shares of Shutterstock in a research report on Wednesday, May 21st. They issued a “buy” rating for the company. Truist Financial downgraded Shutterstock from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a research report on Monday, May 5th. Finally, Needham & Company LLC decreased their price target on Shutterstock from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Shutterstock has a consensus rating of “Hold” and an average price target of $43.67.

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.