Shutterstock (NYSE:SSTK) Coverage Initiated by Analysts at StockNews.com

StockNews.com initiated coverage on shares of Shutterstock (NYSE:SSTK) in a report published on Sunday morning. The firm issued a hold rating on the business services provider’s stock.

Several other research analysts have also weighed in on the stock. Truist Financial lowered their price objective 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. Morgan Stanley cut their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, October 21st. Needham & Company LLC reduced their target price on Shutterstock from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, JMP Securities restated a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Shutterstock has an average rating of “Hold” and a consensus price target of $50.33.

Shutterstock Price Performance

Shares of NYSE SSTK opened at $29.21 on Friday. Shutterstock has a fifty-two week low of $27.30 and a fifty-two week high of $54.40. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 28.64 and a beta of 1.08. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The business has a 50-day moving average of $31.03 and a 200-day moving average of $33.58.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The company had revenue of $250.59 million for the quarter, compared to analysts’ expectations of $240.90 million. During the same quarter in the prior year, the business posted $0.99 EPS. The business’s revenue was up 7.4% compared to the same quarter last year. As a group, sell-side analysts predict that Shutterstock will post 3.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company grew its holdings in shares of Shutterstock by 2.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,575 shares of the business services provider’s stock worth $487,000 after purchasing an additional 309 shares in the last quarter. Cascade Investment Advisors Inc. grew its stake in Shutterstock by 1.2% during the third quarter. Cascade Investment Advisors Inc. now owns 27,430 shares of the business services provider’s stock worth $970,000 after buying an additional 315 shares in the last quarter. Covestor Ltd increased its holdings in Shutterstock by 9.5% in the 3rd quarter. Covestor Ltd now owns 4,577 shares of the business services provider’s stock valued at $162,000 after buying an additional 397 shares during the period. Harbor Capital Advisors Inc. raised its position in shares of Shutterstock by 1.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider’s stock valued at $1,066,000 after buying an additional 532 shares in the last quarter. Finally, Quarry LP lifted its holdings in shares of Shutterstock by 313.0% during the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock worth $43,000 after acquiring an additional 842 shares during the period. 82.79% of the stock is owned by 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.