StockNews.com Upgrades Shutterstock (NYSE:SSTK) to “Buy”

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

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC restated a “buy” rating and issued a $55.00 price objective on shares of Shutterstock in a research note on Tuesday, October 29th. Morgan Stanley decreased their target price on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, October 21st. Finally, Truist Financial cut their price target on Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th.

Shutterstock Stock Down 0.4 %

Shutterstock stock opened at $30.22 on Wednesday. The stock has a market cap of $1.05 billion, a PE ratio of 29.63 and a beta of 1.08. 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 fifty day moving average is $31.51 and its two-hundred day moving average is $34.83. Shutterstock has a 1-year low of $28.85 and a 1-year high of $54.40.

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

Institutional Investors Weigh In On Shutterstock

A number of institutional investors and hedge funds have recently modified their holdings of the company. Truvestments Capital LLC purchased a new position in Shutterstock during the 3rd quarter valued at about $31,000. Allspring Global Investments Holdings LLC increased its stake in shares of Shutterstock by 31,733.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after purchasing an additional 952 shares in the last quarter. Quarry LP increased its stake in shares of Shutterstock by 313.0% during the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock worth $43,000 after purchasing an additional 842 shares in the last quarter. Headlands Technologies LLC raised its position in shares of Shutterstock by 1,339.2% during the 2nd quarter. Headlands Technologies LLC now owns 3,339 shares of the business services provider’s stock worth $129,000 after purchasing an additional 3,107 shares during the last quarter. Finally, Palouse Capital Management Inc. lifted its stake in Shutterstock by 20.7% in the 2nd quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock valued at $150,000 after buying an additional 665 shares in the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

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.