StockNews.com Upgrades Shutterstock (NYSE:SSTK) to Buy

Shutterstock (NYSE:SSTK) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.

A number of other equities research analysts also recently issued reports on SSTK. Needham & Company LLC restated a “buy” rating and issued a $55.00 target price on shares of Shutterstock in a report on Tuesday, October 29th. Morgan Stanley dropped their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. Finally, Truist Financial lowered their price target on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th.

Shutterstock Price Performance

Shutterstock stock opened at $30.22 on Wednesday. The firm’s 50-day moving average is $31.51 and its two-hundred day moving average is $34.83. 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 stock has a market capitalization of $1.05 billion, a P/E ratio of 29.63 and a beta of 1.08. Shutterstock has a 12-month low of $28.85 and a 12-month high of $54.40.

Shutterstock (NYSE:SSTK) last announced its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $250.59 million for the quarter, compared to analyst estimates of $240.90 million. During the same quarter last year, the business earned $0.99 earnings per share. Shutterstock’s revenue was up 7.4% compared to the same quarter last year. Equities analysts predict that Shutterstock will post 3.07 earnings per share for the current year.

Institutional Investors Weigh In On Shutterstock

Hedge funds have recently modified their holdings of the stock. TD Asset Management Inc increased its position in shares of Shutterstock by 13.7% during 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 during the last quarter. Epoch Investment Partners Inc. increased its holdings in Shutterstock by 22.8% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock worth $42,010,000 after purchasing an additional 201,391 shares during the last quarter. State Street Corp raised its position in shares of Shutterstock by 1.4% in the 3rd quarter. State Street Corp now owns 966,694 shares of the business services provider’s stock valued at $34,192,000 after purchasing an additional 13,039 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Shutterstock by 4.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider’s stock valued at $33,648,000 after buying an additional 34,243 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Shutterstock by 4.6% during the third quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock worth $20,275,000 after buying an additional 25,050 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.