JMP Securities Reaffirms “Market Perform” Rating for Shutterstock (NYSE:SSTK)

Shutterstock (NYSE:SSTK)‘s stock had its “market perform” rating reiterated by investment analysts at JMP Securities in a research note issued to investors on Monday,Benzinga reports.

A number of other brokerages have also commented on SSTK. Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 target price on shares of Shutterstock in a research report on Tuesday, October 29th. StockNews.com raised Shutterstock from a “hold” rating to a “buy” rating in a research report on Wednesday, December 25th. Truist Financial reduced their price target on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Finally, Morgan Stanley dropped 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 note on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Shutterstock has an average rating of “Moderate Buy” and an average target price of $53.67.

Shutterstock Stock Performance

SSTK stock opened at $31.47 on Monday. The firm has a market cap of $1.10 billion, a PE ratio of 30.85 and a beta of 1.08. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The stock has a 50-day moving average price of $31.53 and a 200-day moving average price of $34.29. Shutterstock has a 1-year low of $28.64 and a 1-year high of $54.40.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results 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 firm had revenue of $250.59 million for 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 company’s revenue was up 7.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.99 earnings per share. As a group, equities research analysts expect that Shutterstock will post 3.07 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SSTK. Franklin Resources Inc. grew its position in Shutterstock by 6.2% during the third quarter. Franklin Resources Inc. now owns 15,413 shares of the business services provider’s stock valued at $545,000 after buying an additional 894 shares during the period. Barclays PLC lifted its holdings in shares of Shutterstock by 238.6% in the third quarter. Barclays PLC now owns 50,565 shares of the business services provider’s stock worth $1,788,000 after buying an additional 35,632 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Shutterstock by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock valued at $20,275,000 after purchasing an additional 25,050 shares during the period. XTX Topco Ltd grew its position in Shutterstock by 97.3% during the third quarter. XTX Topco Ltd now owns 16,524 shares of the business services provider’s stock worth $584,000 after buying an additional 8,151 shares in the last quarter. Finally, National Bank of Canada FI increased its position in shares of Shutterstock by 74.0% in the third quarter. National Bank of Canada FI now owns 9,549 shares of the business services provider’s stock worth $338,000 after purchasing an additional 4,061 shares during the last quarter. 82.79% of the stock is currently 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.