Principal Financial Group Inc. Raises Stake in Shutterstock, Inc. (NYSE:SSTK)

Principal Financial Group Inc. boosted its holdings in shares of Shutterstock, Inc. (NYSE:SSTK) by 2.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 150,479 shares of the business services provider’s stock after acquiring an additional 4,051 shares during the period. Principal Financial Group Inc. owned 0.42% of Shutterstock worth $6,893,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Shutterstock by 0.5% in the third quarter. Vanguard Group Inc. now owns 2,894,111 shares of the business services provider’s stock worth $110,121,000 after buying an additional 14,197 shares during the last quarter. Copeland Capital Management LLC raised its holdings in Shutterstock by 37.3% in the fourth quarter. Copeland Capital Management LLC now owns 1,394,278 shares of the business services provider’s stock worth $67,316,000 after buying an additional 378,450 shares during the last quarter. LSV Asset Management raised its holdings in Shutterstock by 46.3% in the fourth quarter. LSV Asset Management now owns 1,370,843 shares of the business services provider’s stock worth $66,184,000 after buying an additional 433,906 shares during the last quarter. Trigran Investments Inc. raised its holdings in Shutterstock by 15.5% in the fourth quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock worth $58,647,000 after buying an additional 163,268 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Shutterstock by 32.9% in the third quarter. Wellington Management Group LLP now owns 944,543 shares of the business services provider’s stock worth $35,940,000 after buying an additional 234,030 shares during the last quarter. 82.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Shutterstock

In other news, insider John Caine sold 5,439 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $42.91, for a total value of $233,387.49. Following the transaction, the insider now owns 1,974 shares of the company’s stock, valued at $84,704.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider John Caine sold 5,439 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $42.91, for a total transaction of $233,387.49. Following the sale, the insider now owns 1,974 shares of the company’s stock, valued at $84,704.34. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Jarrod Yahes purchased 5,350 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were acquired at an average cost of $37.35 per share, for a total transaction of $199,822.50. Following the purchase, the chief financial officer now owns 43,904 shares of the company’s stock, valued at $1,639,814.40. The disclosure for this purchase can be found here. Insiders own 32.00% of the company’s stock.

Wall Street Analysts Forecast Growth

SSTK has been the subject of a number of research analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price target on shares of Shutterstock in a research note on Tuesday, May 14th. Truist Financial reduced their price target on shares of Shutterstock from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, May 6th. Two 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.com, Shutterstock currently has an average rating of “Moderate Buy” and a consensus target price of $62.50.

Shutterstock Stock Performance

Shares of SSTK traded down $0.04 during mid-day trading on Friday, reaching $35.60. The stock had a trading volume of 40,579 shares, compared to its average volume of 484,625. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of 13.81 and a beta of 1.12. Shutterstock, Inc. has a 12 month low of $33.80 and a 12 month high of $58.42. The business has a fifty day moving average of $39.51 and a 200 day moving average of $44.18.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results on Thursday, May 2nd. The business services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.16. The business had revenue of $214.32 million during the quarter, compared to analyst estimates of $211.03 million. Shutterstock had a net margin of 10.71% and a return on equity of 21.14%. On average, research analysts forecast that Shutterstock, Inc. will post 3.38 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.37%. The ex-dividend date was Thursday, May 30th. Shutterstock’s dividend payout ratio (DPR) is presently 46.51%.

Shutterstock Company 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.