Shutterstock (NYSE:SSTK) Upgraded at Wall Street Zen

Shutterstock (NYSE:SSTK) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday.

SSTK has been the subject of a number of other research reports. Citigroup raised shares of Shutterstock from a “neutral” rating to a “buy” rating and set a $7.00 price target for the company in a report on Friday, June 5th. Weiss Ratings downgraded Shutterstock from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 4th. Finally, Zacks Research lowered Shutterstock from a “hold” rating to a “strong sell” rating in a research report on Thursday, June 11th. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $7.00.

Shutterstock Trading Down 2.4%

Shares of NYSE SSTK opened at $7.43 on Friday. Shutterstock has a 1-year low of $7.17 and a 1-year high of $29.50. The company has a 50-day moving average of $13.12 and a two-hundred day moving average of $16.00. The company has a market cap of $272.87 million, a PE ratio of -12.81 and a beta of 1.06. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.22.

Hedge Funds Weigh In On Shutterstock

Several institutional investors have recently modified their holdings of SSTK. Empowered Funds LLC acquired a new position in shares of Shutterstock during the 1st quarter worth about $180,000. Bank of America Corp DE raised its position in shares of Shutterstock by 6.9% in the 1st quarter. Bank of America Corp DE now owns 303,539 shares of the business services provider’s stock valued at $5,042,000 after acquiring an additional 19,515 shares during the period. Callodine Capital Management LP boosted its stake in Shutterstock by 23.0% during the 1st quarter. Callodine Capital Management LP now owns 1,272,139 shares of the business services provider’s stock worth $21,130,000 after acquiring an additional 238,176 shares during the last quarter. Rice Hall James & Associates LLC boosted its stake in Shutterstock by 7.3% during the 1st quarter. Rice Hall James & Associates LLC now owns 733,662 shares of the business services provider’s stock worth $12,186,000 after acquiring an additional 50,200 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Shutterstock by 6.5% during the first quarter. Bank of New York Mellon Corp now owns 427,114 shares of the business services provider’s stock valued at $7,094,000 after purchasing an additional 26,144 shares during the period. 82.79% of the stock is currently owned by institutional investors and hedge funds.

About Shutterstock

Shutterstock, Inc (NYSE:SSTK) operates a leading global creative platform that provides royalty-free stock content to businesses, marketing agencies and media outlets. Its primary offerings include high-resolution photographs, vector graphics, illustrations, video footage and music tracks, all available through subscription plans or on-demand licensing. The platform also features customizable design tools and collaborative workspaces that enable customers to create and manage visual content more efficiently.

Founded in 2003 by Jon Oringer, Shutterstock began as an online marketplace offering a modest selection of images and quickly scaled its library to hundreds of millions of assets.