Shutterstock (NYSE:SSTK) PT Lowered to $65.00

Shutterstock (NYSE:SSTK) had its target price cut by Truist Financial from $70.00 to $65.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the business services provider’s stock. Truist Financial’s target price would suggest a potential upside of 65.39% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. StockNews.com downgraded Shutterstock from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 29th. Morgan Stanley assumed coverage on Shutterstock in a report on Thursday, February 22nd. They issued an “equal weight” rating and a $55.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Shutterstock in a report on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Shutterstock currently has an average rating of “Moderate Buy” and an average target price of $61.25.

Shutterstock Price Performance

NYSE:SSTK opened at $39.30 on Monday. Shutterstock has a 1-year low of $33.80 and a 1-year high of $58.42. The stock has a market cap of $1.41 billion, a P/E ratio of 15.23 and a beta of 1.13. The firm has a 50-day moving average of $45.03 and a two-hundred day moving average of $45.19.

Shutterstock (NYSE:SSTK) last released its earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.13. Shutterstock had a net margin of 10.71% and a return on equity of 21.14%. The company had revenue of $217.22 million during the quarter, compared to the consensus estimate of $224.04 million. As a group, equities analysts expect that Shutterstock will post 3.13 earnings per share for the current year.

Insider Activity at Shutterstock

In other Shutterstock news, insider John Caine sold 5,439 shares of Shutterstock stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $42.91, for a total transaction of $233,387.49. Following the completion of the transaction, the insider now directly owns 1,974 shares of the company’s stock, valued at $84,704.34. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 32.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Shutterstock

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Sei Investments Co. lifted its stake in Shutterstock by 14.5% in the first quarter. Sei Investments Co. now owns 44,214 shares of the business services provider’s stock valued at $2,025,000 after buying an additional 5,605 shares during the period. Quantbot Technologies LP increased its stake in shares of Shutterstock by 2,203.3% in the 1st 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 during the last quarter. LSV Asset Management raised its position 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 acquiring an additional 422,942 shares during the period. Leuthold Group LLC boosted its stake in Shutterstock by 5.0% during the 1st quarter. Leuthold Group LLC now owns 73,812 shares of the business services provider’s stock worth $3,381,000 after acquiring an additional 3,525 shares during the last quarter. Finally, Texas Permanent School Fund Corp grew its holdings in Shutterstock by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 20,941 shares of the business services provider’s stock valued at $959,000 after purchasing an additional 271 shares during the period. Institutional investors own 82.79% of the company’s stock.

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.