StockNews.com Initiates Coverage on Shutterstock (NYSE:SSTK)

StockNews.com started coverage on shares of Shutterstock (NYSE:SSTK) in a research note issued on Wednesday. The brokerage set a “buy” rating on the business services provider’s stock.

Several other research analysts have also issued reports on the stock. Needham & Company LLC decreased their price target on shares of Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, March 7th. Truist Financial downgraded Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a research note on Monday, May 5th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $45.33.

Shutterstock Stock Performance

Shares of SSTK opened at $18.22 on Wednesday. The company has a 50-day simple moving average of $17.41 and a two-hundred day simple moving average of $25.17. 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 firm has a market capitalization of $642.33 million, a PE ratio of 17.86 and a beta of 1.10. Shutterstock has a one year low of $14.35 and a one year high of $46.10.

Shutterstock (NYSE:SSTK) last released its earnings results on Friday, May 2nd. The business services provider reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.23). Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm had revenue of $242.62 million during the quarter, compared to analysts’ expectations of $249.44 million. During the same quarter in the previous year, the business earned $1.13 EPS. The company’s revenue for the quarter was up 13.2% compared to the same quarter last year. On average, analysts anticipate that Shutterstock will post 3.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Shutterstock

Several institutional investors and hedge funds have recently made changes to their positions in SSTK. Performa Ltd US LLC purchased a new stake in Shutterstock during the 1st quarter valued at $25,000. Versant Capital Management Inc boosted its holdings in Shutterstock by 1,908.6% in the 1st quarter. Versant Capital Management Inc now owns 1,406 shares of the business services provider’s stock worth $26,000 after buying an additional 1,336 shares during the period. HHM Wealth Advisors LLC bought a new position in Shutterstock in the 1st quarter worth approximately $28,000. CWM LLC boosted its holdings in shares of Shutterstock by 93.8% during the 1st quarter. CWM LLC now owns 1,810 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 876 shares during the last quarter. Finally, Amundi boosted its stake in Shutterstock by 26.2% during the fourth quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after buying an additional 488 shares during the last quarter. Institutional investors 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.