Shutterstock (NYSE:SSTK) Downgraded to Hold Rating by StockNews.com

Shutterstock (NYSE:SSTK) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

SSTK has been the subject of a number of other research reports. Needham & Company LLC reissued a “buy” rating and issued a $55.00 target price on shares of Shutterstock in a research report on Tuesday. Truist Financial decreased their price objective on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Morgan Stanley lowered their price objective on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, October 21st.

Shutterstock Stock Down 3.1 %

Shares of SSTK opened at $32.08 on Wednesday. Shutterstock has a twelve month low of $28.95 and a twelve month high of $54.40. The company has a market capitalization of $1.14 billion, a P/E ratio of 31.46 and a beta of 1.09. The firm has a 50 day moving average of $33.06 and a 200 day moving average of $37.20.

Shutterstock (NYSE:SSTK) last posted its earnings results on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). The business had revenue of $220.05 million during the quarter, compared to the consensus estimate of $213.44 million. Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.76 EPS. On average, sell-side analysts expect that Shutterstock will post 2.99 EPS for the current year.

Institutional Trading of Shutterstock

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. TD Asset Management Inc grew its position in shares of Shutterstock by 74.1% during the 1st quarter. TD Asset Management Inc now owns 1,578,386 shares of the business services provider’s stock valued at $72,306,000 after acquiring an additional 671,995 shares during the period. LSV Asset Management lifted its position in Shutterstock by 30.9% during the first quarter. LSV Asset Management now owns 1,793,785 shares of the business services provider’s stock valued at $82,173,000 after purchasing an additional 422,942 shares in the last quarter. Rubric Capital Management LP bought a new stake in Shutterstock during the second quarter valued at about $14,769,000. Epoch Investment Partners Inc. increased its position in Shutterstock by 68.8% in the first quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock worth $40,503,000 after buying an additional 360,415 shares in the last quarter. Finally, Rice Hall James & Associates LLC raised its stake in shares of Shutterstock by 40.7% in the third quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider’s stock worth $18,724,000 after buying an additional 153,154 shares during the period. 82.79% of the stock is owned by hedge funds and other institutional investors.

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.