Shutterstock (NYSE:SSTK) Lowered to “Hold” at StockNews.com

Shutterstock (NYSE:SSTK) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Sunday.

SSTK has been the subject of several other reports. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price objective on shares of Shutterstock in a research note on Tuesday, August 6th. Morgan Stanley upped their target price on Shutterstock from $55.00 to $58.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd.

Shutterstock Price Performance

Shares of NYSE:SSTK opened at $35.33 on Friday. The business’s 50-day moving average is $37.08 and its 200-day moving average is $40.04. Shutterstock has a 1 year low of $32.38 and a 1 year high of $54.40. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of 13.69 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.01). The company had revenue of $220.05 million during the quarter, compared to analysts’ expectations of $213.44 million. Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The business’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period last year, the company earned $0.76 earnings per share. Analysts anticipate that Shutterstock will post 3.22 EPS for the current year.

Hedge Funds Weigh In On Shutterstock

Institutional investors and hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its holdings in Shutterstock by 31,733.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock valued at $37,000 after purchasing an additional 952 shares during the period. 1620 Investment Advisors Inc. bought a new position in Shutterstock during the second quarter valued at $41,000. Truvestments Capital LLC bought a new position in Shutterstock during the first quarter valued at $42,000. Quarry LP grew its holdings in Shutterstock by 313.0% during the second quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock valued at $43,000 after purchasing an additional 842 shares during the period. Finally, Nisa Investment Advisors LLC grew its holdings in Shutterstock by 69.6% during the second quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock valued at $79,000 after purchasing an additional 838 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.