Shutterstock’s (SSTK) “Buy” Rating Reaffirmed at Needham & Company LLC

Shutterstock (NYSE:SSTK)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $55.00 target price on the business services provider’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 66.06% from the company’s previous close.

SSTK has been the topic of a number of other research reports. Morgan Stanley dropped their price target on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, October 21st. StockNews.com upgraded Shutterstock from a “hold” rating to a “buy” rating in a research note on Tuesday, October 1st.

Shutterstock Stock Performance

SSTK opened at $33.12 on Tuesday. Shutterstock has a one year low of $28.95 and a one year high of $54.40. The company has a market cap of $1.17 billion, a P/E ratio of 25.28 and a beta of 1.09. The business’s 50-day simple moving average is $33.09 and its 200-day simple moving average is $37.23.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SSTK. TD Asset Management Inc grew its stake 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 last quarter. LSV Asset Management grew its stake in shares of Shutterstock by 30.9% in the 1st quarter. LSV Asset Management now owns 1,793,785 shares of the business services provider’s stock valued at $82,173,000 after purchasing an additional 422,942 shares during the last quarter. Rubric Capital Management LP purchased a new stake in shares of Shutterstock in the second quarter valued at approximately $14,769,000. Epoch Investment Partners Inc. boosted its stake in shares of Shutterstock by 68.8% in the first quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock valued at $40,503,000 after buying an additional 360,415 shares in the last quarter. Finally, Rice Hall James & Associates LLC boosted its stake in shares of Shutterstock by 40.7% in the third quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider’s stock valued at $18,724,000 after buying an additional 153,154 shares in the last quarter. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

About Shutterstock

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.