StockNews.com Downgrades Shutterstock (NYSE:SSTK) to Hold

Shutterstock (NYSE:SSTK) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

Other analysts have also issued reports about the stock. Truist Financial cut their price target on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Morgan Stanley cut their price target on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, October 21st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $55.00 price target on shares of Shutterstock in a research note on Tuesday, October 29th.

Shutterstock Trading Down 2.2 %

Shares of SSTK stock opened at $31.60 on Tuesday. The company’s 50-day moving average price is $31.56 and its 200-day moving average price is $35.22. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 30.98 and a beta of 1.08. Shutterstock has a twelve month low of $28.85 and a twelve month high of $54.40.

Shutterstock (NYSE:SSTK) last posted its earnings results on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.25. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The company had revenue of $250.59 million for the quarter, compared to analysts’ expectations of $240.90 million. During the same quarter in the prior year, the company posted $0.99 earnings per share. Shutterstock’s revenue for the quarter was up 7.4% compared to the same quarter last year. As a group, equities analysts predict that Shutterstock will post 3.07 earnings per share for the current year.

Institutional Investors Weigh In On Shutterstock

Several hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC raised its position in Shutterstock by 69.6% in the second quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock worth $79,000 after acquiring an additional 838 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in Shutterstock in the second quarter worth $41,000. Allspring Global Investments Holdings LLC raised its position in Shutterstock by 31,733.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after acquiring an additional 952 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Shutterstock in the second quarter worth $759,000. Finally, TD Asset Management Inc raised its position in Shutterstock by 13.7% in the second quarter. TD Asset Management Inc now owns 1,793,925 shares of the business services provider’s stock worth $69,425,000 after acquiring an additional 215,539 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.