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

Research analysts at StockNews.com initiated coverage on shares of Shutterstock (NYSE:SSTK) in a research report issued on Saturday. The brokerage set a “hold” rating on the business services provider’s stock.

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

Shutterstock Stock Down 1.2 %

Shares of NYSE:SSTK opened at $30.89 on Friday. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. Shutterstock has a fifty-two week low of $27.30 and a fifty-two week high of $54.40. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of 30.28 and a beta of 1.08. The firm’s 50 day moving average price is $31.15 and its 200 day moving average price is $33.77.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.25. The business had revenue of $250.59 million for the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The company’s revenue was up 7.4% on a year-over-year basis. During the same period last year, the business earned $0.99 EPS. As a group, equities research analysts predict that Shutterstock will post 3.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shutterstock

A number of hedge funds and other institutional investors have recently made changes to their positions in SSTK. The Manufacturers Life Insurance Company lifted its position in 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 acquiring an additional 309 shares during the period. Cascade Investment Advisors Inc. lifted its holdings in shares of 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 purchasing an additional 315 shares during the period. Covestor Ltd grew its position 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 last quarter. Harbor Capital Advisors Inc. increased its stake in 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 during the period. Finally, Quarry LP raised its position in 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 buying an additional 842 shares during the last quarter. Hedge funds and other institutional investors own 82.79% of the company’s stock.

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.