StockNews.com Initiates Coverage on Shutterstock (NYSE:SSTK)

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

Several other research firms have also weighed in on SSTK. 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. Morgan Stanley decreased their price target 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. JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. Finally, Needham & Company LLC decreased their price objective on Shutterstock from $55.00 to $45.00 and set a “buy” rating for the company in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Shutterstock presently has a consensus rating of “Hold” and an average price target of $50.33.

Shutterstock Price Performance

Shutterstock stock opened at $28.78 on Friday. Shutterstock has a one year low of $27.30 and a one year high of $54.40. 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 stock’s 50 day moving average is $31.03 and its 200 day moving average is $33.58. The firm has a market cap of $1.00 billion, a P/E ratio of 28.22 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.25. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business 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 firm posted $0.99 earnings per share. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. As a group, research analysts expect that Shutterstock will post 3.12 EPS for the current year.

Institutional Investors Weigh In On Shutterstock

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SSTK. State Street Corp grew its position in shares of Shutterstock by 1.4% in the third quarter. State Street Corp now owns 966,694 shares of the business services provider’s stock valued at $34,192,000 after purchasing an additional 13,039 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Shutterstock by 4.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider’s stock worth $33,648,000 after acquiring an additional 34,243 shares during the period. Geode Capital Management LLC lifted its stake 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 worth $20,275,000 after purchasing an additional 25,050 shares in the last quarter. Rice Hall James & Associates LLC raised its position 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Shutterstock by 4.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 320,895 shares of the business services provider’s stock valued at $11,350,000 after buying an additional 13,539 shares during the period. 82.79% of the stock is currently 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.