AXQ Capital LP Buys Shares of 7,060 Shutterstock, Inc. (NYSE:SSTK)

AXQ Capital LP purchased a new position in shares of Shutterstock, Inc. (NYSE:SSTK) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 7,060 shares of the business services provider’s stock, valued at approximately $214,000.

Several other hedge funds have also made changes to their positions in SSTK. State Street Corp grew its stake in Shutterstock by 1.4% during the 3rd quarter. State Street Corp now owns 966,694 shares of the business services provider’s stock worth $34,192,000 after buying an additional 13,039 shares during the last quarter. Royce & Associates LP boosted its holdings 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 valued at $25,240,000 after acquiring an additional 127,399 shares during the period. Geode Capital Management LLC grew its position in shares of Shutterstock by 4.6% during the third quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock worth $20,275,000 after acquiring an additional 25,050 shares during the last quarter. Rice Hall James & Associates LLC grew its position in shares of Shutterstock by 3.4% during the fourth quarter. Rice Hall James & Associates LLC now owns 547,520 shares of the business services provider’s stock worth $16,617,000 after acquiring an additional 18,133 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Shutterstock by 9.4% in 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 acquiring an additional 30,309 shares during the period. Institutional investors own 82.79% of the company’s stock.

Shutterstock Stock Up 0.5 %

SSTK stock opened at $19.67 on Tuesday. The firm’s 50-day moving average is $25.78 and its two-hundred day moving average is $29.77. The company has a market capitalization of $686.36 million, a price-to-earnings ratio of 19.28 and a beta of 1.12. Shutterstock, Inc. has a 52 week low of $18.63 and a 52 week high of $47.89. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23.

Shutterstock (NYSE:SSTK) last announced 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). The firm had revenue of $250.30 million for the quarter, compared to the consensus estimate of $254.16 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. Shutterstock’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 EPS. On average, analysts forecast that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Thursday, March 6th were issued a dividend of $0.33 per share. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 6.71%. The ex-dividend date of this dividend was Thursday, March 6th. Shutterstock’s payout ratio is presently 130.69%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Needham & Company LLC reduced their target price on shares of Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, March 7th. JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Truist Financial lowered Shutterstock from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, StockNews.com assumed coverage on Shutterstock in a research note on Sunday. They set a “hold” rating on the stock. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $45.33.

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.