Shutterstock (NYSE:SSTK) Now Covered by StockNews.com

Equities researchers at StockNews.com began coverage on shares of Shutterstock (NYSE:SSTK) in a research note issued on Sunday. The firm set a “hold” rating on the business services provider’s stock.

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

Shutterstock Stock Down 1.1 %

SSTK opened at $29.21 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. Shutterstock has a one year low of $27.30 and a one year high of $54.40. The firm has a market capitalization of $1.02 billion, a P/E ratio of 28.64 and a beta of 1.08. The company has a fifty day moving average price of $31.03 and a 200-day moving average price of $33.60.

Shutterstock (NYSE:SSTK) last announced its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share 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 business had revenue of $250.59 million for the quarter, compared to analyst estimates of $240.90 million. During the same period in the prior year, the company earned $0.99 EPS. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. Equities research analysts expect that Shutterstock will post 3.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shutterstock

Large investors have recently added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of Shutterstock during the third quarter worth about $8,493,000. Rice Hall James & Associates LLC grew its position in shares of Shutterstock by 40.7% in the 3rd 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 during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Shutterstock by 11,862.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 114,241 shares of the business services provider’s stock worth $4,041,000 after buying an additional 113,286 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Shutterstock during the third quarter valued at approximately $2,018,000. Finally, Marshall Wace LLP raised its holdings in shares of Shutterstock by 250.0% during the second quarter. Marshall Wace LLP now owns 55,299 shares of the business services provider’s stock valued at $2,140,000 after acquiring an additional 39,499 shares in the last quarter. Institutional investors 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.