Shutterstock (NYSE:SSTK) Upgraded to Buy at StockNews.com

Shutterstock (NYSE:SSTK) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

Several other research firms have also recently commented on SSTK. Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 target price on shares of Shutterstock in a research note on Tuesday, October 29th. Morgan Stanley lowered their price objective on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, October 21st. Finally, Truist Financial lowered their price objective on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th.

Shutterstock Price Performance

Shares of SSTK traded up $0.32 during mid-day trading on Monday, reaching $32.68. 300,576 shares of the company’s stock were exchanged, compared to its average volume of 503,792. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. The company has a 50-day simple moving average of $31.55 and a two-hundred day simple moving average of $35.35. Shutterstock has a 52-week low of $28.85 and a 52-week high of $54.40. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 32.04 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, topping the consensus estimate of $1.06 by $0.25. The firm had revenue of $250.59 million during the quarter, compared to analysts’ expectations of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. Shutterstock’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.99 EPS. On average, sell-side analysts predict that Shutterstock will post 3.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Shutterstock

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Truvestments Capital LLC bought a new stake in shares of Shutterstock during the 3rd quarter valued at about $31,000. Allspring Global Investments Holdings LLC lifted its position in shares of Shutterstock by 31,733.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock valued at $37,000 after acquiring an additional 952 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Shutterstock in the 2nd quarter valued at approximately $41,000. Quarry LP lifted its position in shares of Shutterstock by 313.0% in the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock valued at $43,000 after acquiring an additional 842 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of Shutterstock by 69.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock valued at $79,000 after acquiring an additional 838 shares in the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

About Shutterstock

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.