Shutterstock, Inc. (SSTK) Lifted to Buy at Zacks Investment Research
Shutterstock, Inc. (NYSE:SSTK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The firm presently has a $42.00 target price on the business services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 14.63% from the company’s current price.
According to Zacks, “Shutterstock, Inc. is a global marketplace for digital imagery. It provides licensed photographs, vectors, illustrations and videos to businesses, marketing agencies and media organizations around the world. The Company’s online marketplace provides a freely searchable library of commercial digital images that the users can pay to license, download and incorporate into their work. Shutterstock, Inc. is headquartered in New York. “
Other equities research analysts have also issued reports about the company. Cantor Fitzgerald reissued a “hold” rating and set a $40.00 price objective on shares of Shutterstock in a research note on Tuesday. BidaskClub lowered Shutterstock from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. TheStreet lowered Shutterstock from a “b-” rating to a “c” rating in a research note on Friday, July 7th. Jefferies Group LLC raised their target price on Shutterstock from $30.00 to $34.00 and gave the stock an “underperform” rating in a research report on Wednesday. Finally, SunTrust Banks, Inc. began coverage on Shutterstock in a research report on Tuesday, August 15th. They issued a “hold” rating and a $36.00 target price for the company. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $39.17.
Shares of Shutterstock (SSTK) opened at $36.64 on Friday. The company has a market capitalization of $1,288.18, a price-to-earnings ratio of 47.03 and a beta of 1.47.
Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Tuesday, October 31st. The business services provider reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.01. The business had revenue of $141.10 million during the quarter, compared to analyst estimates of $133.24 million. Shutterstock had a return on equity of 9.71% and a net margin of 4.58%. The company’s revenue was up 14.6% compared to the same quarter last year. During the same period last year, the company posted $0.40 EPS. analysts anticipate that Shutterstock will post 0.61 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of SSTK. Victory Capital Management Inc. boosted its position in shares of Shutterstock by 17.6% in the second quarter. Victory Capital Management Inc. now owns 2,660 shares of the business services provider’s stock worth $117,000 after buying an additional 398 shares during the period. State of Alaska Department of Revenue boosted its position in Shutterstock by 76.7% during the second quarter. State of Alaska Department of Revenue now owns 3,728 shares of the business services provider’s stock valued at $164,000 after purchasing an additional 1,618 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its position in Shutterstock by 2.6% during the first quarter. Municipal Employees Retirement System of Michigan now owns 4,410 shares of the business services provider’s stock valued at $182,000 after purchasing an additional 110 shares during the last quarter. Stoneridge Investment Partners LLC acquired a new stake in Shutterstock during the third quarter valued at $233,000. Finally, Allen Investment Management LLC acquired a new stake in Shutterstock during the second quarter valued at $242,000. 61.83% of the stock is owned by institutional investors and hedge funds.
Shutterstock Company Profile
Shutterstock, Inc (Shutterstock) is a global technology company that operates a two-sided marketplace for professionals to license content. The Company’s library of content includes digital imagery, which consists of licensed photographs, vectors, illustrations and video clips that customers use in their visual communications, such as Websites, digital and print marketing materials, corporate communications, books, publications and video content, and commercial music, which consists of music tracks and sound effects and which is often used to complement digital imagery.
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