Shutterstock (NYSE:SSTK) Price Target Cut to $50.00

Shutterstock (NYSE:SSTK) had its price objective cut by equities researchers at Morgan Stanley from $58.00 to $50.00 in a report released on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the business services provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 67.84% from the company’s previous close.

Several other research analysts also recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $65.00 target price on shares of Shutterstock in a research note on Tuesday, August 6th. StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a research note on Tuesday, October 1st.

Shutterstock Trading Up 1.0 %

Shutterstock stock opened at $29.79 on Monday. The stock has a 50 day moving average of $33.67 and a two-hundred day moving average of $37.67. Shutterstock has a twelve month low of $29.21 and a twelve month high of $54.40. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of 22.74 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). The business had revenue of $220.05 million for the quarter, compared to analyst estimates of $213.44 million. Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The company’s revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.76 EPS. Equities analysts predict that Shutterstock will post 2.99 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP boosted its holdings in shares of Shutterstock by 2,203.3% in the 1st quarter. Quantbot Technologies LP now owns 23,010 shares of the business services provider’s stock valued at $1,054,000 after buying an additional 22,011 shares during the period. TD Asset Management Inc boosted its position in shares of Shutterstock by 74.1% during the first quarter. TD Asset Management Inc now owns 1,578,386 shares of the business services provider’s stock worth $72,306,000 after buying an additional 671,995 shares during the period. Epoch Investment Partners Inc. grew its holdings in Shutterstock by 68.8% in the 1st quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock worth $40,503,000 after buying an additional 360,415 shares in the last quarter. BOKF NA acquired a new stake in Shutterstock in the 1st quarter valued at approximately $139,000. Finally, Rubric Capital Management LP acquired a new position in Shutterstock during the 2nd quarter worth $14,769,000. 82.79% of the stock is owned by institutional investors and hedge funds.

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.