Moors & Cabot Inc. Makes New Investment in Shutterstock, Inc. (NYSE:SSTK)

Moors & Cabot Inc. bought a new stake in shares of Shutterstock, Inc. (NYSE:SSTK) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,029 shares of the business services provider’s stock, valued at approximately $284,000.

Other large investors also recently modified their holdings of the company. ProShare Advisors LLC increased its position in Shutterstock by 7.4% in the first quarter. ProShare Advisors LLC now owns 4,957 shares of the business services provider’s stock worth $227,000 after buying an additional 342 shares during the last quarter. State Board of Administration of Florida Retirement System increased its holdings in Shutterstock by 41.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 10,067 shares of the business services provider’s stock worth $461,000 after acquiring an additional 2,965 shares during the last quarter. Vanguard Group Inc. raised its stake in Shutterstock by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 2,926,166 shares of the business services provider’s stock valued at $134,048,000 after acquiring an additional 47,929 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in Shutterstock by 7.8% during the first quarter. CANADA LIFE ASSURANCE Co now owns 20,438 shares of the business services provider’s stock valued at $936,000 after purchasing an additional 1,485 shares during the last quarter. Finally, BOKF NA bought a new position in Shutterstock during the first quarter worth about $139,000. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Shutterstock Stock Up 3.1 %

Shares of NYSE:SSTK opened at $30.98 on Friday. The firm has a fifty day moving average price of $32.22 and a two-hundred day moving average price of $36.07. The company has a market cap of $1.08 billion, a price-to-earnings ratio of 30.37 and a beta of 1.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. Shutterstock, Inc. has a one year low of $28.85 and a one year high of $54.40.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.25. The company had revenue of $250.59 million during the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the company earned $0.99 earnings per share. Analysts anticipate that Shutterstock, Inc. will post 3.07 EPS for the current fiscal year.

Shutterstock Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date of this dividend is Friday, November 29th. Shutterstock’s dividend payout ratio is currently 117.65%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SSTK shares. Truist Financial dropped their price target on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. StockNews.com lowered Shutterstock from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Morgan Stanley decreased their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, October 21st. Finally, Needham & Company LLC reissued a “buy” rating and set a $55.00 price objective on shares of Shutterstock in a report on Tuesday, October 29th.

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.