Needham & Company LLC Has Lowered Expectations for Shutterstock (NYSE:SSTK) Stock Price

Shutterstock (NYSE:SSTK) had its price objective reduced by equities researchers at Needham & Company LLC from $30.00 to $25.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the business services provider’s stock. Needham & Company LLC’s price objective indicates a potential upside of 35.00% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. Truist Financial cut Shutterstock from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a report on Monday, May 5th. Finally, Wall Street Zen assumed coverage on Shutterstock in a report on Wednesday, May 21st. They issued a “buy” rating for the company. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $43.67.

Shutterstock Price Performance

SSTK stock opened at $18.52 on Monday. The firm’s 50-day moving average price is $17.20 and its two-hundred day moving average price is $24.18. Shutterstock has a 12-month low of $14.35 and a 12-month high of $46.10. The stock has a market capitalization of $652.83 million, a price-to-earnings ratio of 18.16 and a beta of 1.10. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Friday, May 2nd. The business services provider reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.23). Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business had revenue of $242.62 million during the quarter, compared to analysts’ expectations of $249.44 million. During the same quarter last year, the business posted $1.13 EPS. The company’s quarterly revenue was up 13.2% compared to the same quarter last year. As a group, equities analysts predict that Shutterstock will post 3.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SSTK. Performa Ltd US LLC bought a new position in shares of Shutterstock in the 1st quarter worth approximately $25,000. Versant Capital Management Inc raised its position in shares of 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 acquiring an additional 1,336 shares in the last quarter. HHM Wealth Advisors LLC bought a new position in shares of Shutterstock in the 1st quarter worth approximately $28,000. CWM LLC raised its position in shares of Shutterstock by 93.8% in the 1st quarter. CWM LLC now owns 1,810 shares of the business services provider’s stock worth $34,000 after acquiring an additional 876 shares in the last quarter. Finally, Amundi raised its position in shares of Shutterstock by 26.2% in the 4th quarter. Amundi now owns 2,350 shares of the business services provider’s stock worth $71,000 after acquiring an additional 488 shares in 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.