Needham & Company LLC Issues Pessimistic Forecast for Shutterstock (NYSE:SSTK) Stock Price

Shutterstock (NYSE:SSTK) had its price objective lowered by research analysts at Needham & Company LLC from $55.00 to $45.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the business services provider’s stock. Needham & Company LLC’s target price points to a potential upside of 51.72% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. StockNews.com cut shares of Shutterstock from a “buy” rating to a “hold” rating in a report on Monday, January 6th. Morgan Stanley cut their price objective on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, October 21st. Truist Financial lowered their target price on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. Finally, JMP Securities reissued a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Shutterstock has a consensus rating of “Hold” and a consensus target price of $50.33.

Shutterstock Trading Up 3.5 %

NYSE SSTK opened at $29.66 on Monday. The firm’s fifty day moving average price is $31.32 and its 200 day moving average price is $33.87. Shutterstock has a 12 month low of $27.30 and a 12 month high of $54.40. 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 company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 29.08 and a beta of 1.08.

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

Hedge Funds Weigh In On Shutterstock

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. boosted its holdings in Shutterstock by 1.5% during the fourth quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider’s stock worth $1,066,000 after buying an additional 532 shares in the last quarter. Range Financial Group LLC acquired a new stake in shares of Shutterstock during the 4th quarter valued at approximately $691,000. Franklin Resources Inc. boosted its stake in shares of Shutterstock by 6.2% during the 3rd quarter. Franklin Resources Inc. now owns 15,413 shares of the business services provider’s stock worth $545,000 after acquiring an additional 894 shares in the last quarter. Barclays PLC grew its holdings in shares of Shutterstock by 238.6% in the 3rd quarter. Barclays PLC now owns 50,565 shares of the business services provider’s stock worth $1,788,000 after acquiring an additional 35,632 shares during the period. Finally, Geode Capital Management LLC increased its stake in Shutterstock by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock valued at $20,275,000 after purchasing an additional 25,050 shares in the last quarter. 82.79% of the stock is owned by institutional investors and hedge funds.

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.