Morgan Stanley Trims Shutterstock (NYSE:SSTK) Target Price to $50.00

Shutterstock (NYSE:SSTK) had its target price reduced by Morgan Stanley from $58.00 to $50.00 in a research note issued to investors on Monday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the business services provider’s stock.

Several other equities research analysts have also recently issued reports on SSTK. StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a research report on Tuesday, October 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price objective on shares of Shutterstock in a research report on Tuesday, August 6th.

Shutterstock Price Performance

Shares of NYSE SSTK opened at $29.85 on Monday. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 11.57 and a beta of 1.09. The stock’s 50-day moving average is $33.55 and its two-hundred day moving average is $37.62. Shutterstock has a 1-year low of $29.21 and a 1-year high of $54.40.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, August 6th. The business services provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The firm had revenue of $220.05 million for the quarter, compared to analysts’ expectations of $213.44 million. During the same quarter in the previous year, the company posted $0.76 earnings per share. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. Equities research analysts anticipate that Shutterstock will post 2.99 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Quantbot Technologies LP boosted its stake in Shutterstock by 2,203.3% in the first quarter. Quantbot Technologies LP now owns 23,010 shares of the business services provider’s stock valued at $1,054,000 after acquiring an additional 22,011 shares in the last quarter. TD Asset Management Inc boosted its position in shares of Shutterstock by 74.1% in the 1st quarter. TD Asset Management Inc now owns 1,578,386 shares of the business services provider’s stock valued at $72,306,000 after purchasing an additional 671,995 shares during the period. Epoch Investment Partners Inc. grew its stake in Shutterstock by 68.8% during the 1st quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock worth $40,503,000 after buying an additional 360,415 shares during the last quarter. BOKF NA acquired a new position in Shutterstock during the first quarter worth approximately $139,000. Finally, Rubric Capital Management LP purchased a new stake in Shutterstock in the second quarter valued at approximately $14,769,000. 82.79% of the stock is owned by hedge funds and other institutional investors.

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.