StockNews.com Begins Coverage on Shutterstock (NYSE:SSTK)

StockNews.com assumed coverage on shares of Shutterstock (NYSE:SSTK) in a research note published on Saturday morning. The brokerage issued a hold rating on the business services provider’s stock.

Other equities research analysts have also issued reports about the company. Needham & Company LLC reduced their price objective on Shutterstock from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Truist Financial decreased 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. Morgan Stanley cut their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, October 21st. Finally, JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $50.33.

Shutterstock Price Performance

NYSE:SSTK opened at $30.89 on Friday. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. The business’s 50-day moving average price is $31.10 and its 200 day moving average price is $33.73. Shutterstock has a 52-week low of $27.30 and a 52-week high of $54.40. The firm has a market cap of $1.08 billion, a P/E ratio of 30.28 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate 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 previous year, the company posted $0.99 EPS. The business’s revenue was up 7.4% compared to the same quarter last year. As a group, sell-side analysts predict that Shutterstock will post 3.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its holdings in shares of Shutterstock by 2.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,575 shares of the business services provider’s stock valued at $487,000 after acquiring an additional 309 shares in the last quarter. Cascade Investment Advisors Inc. boosted its position in Shutterstock by 1.2% during the third quarter. Cascade Investment Advisors Inc. now owns 27,430 shares of the business services provider’s stock valued at $970,000 after purchasing an additional 315 shares during the last quarter. Covestor Ltd grew its stake in Shutterstock by 9.5% in the third quarter. Covestor Ltd now owns 4,577 shares of the business services provider’s stock valued at $162,000 after purchasing an additional 397 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in Shutterstock by 1.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider’s stock worth $1,066,000 after purchasing an additional 532 shares during the last quarter. Finally, Quarry LP raised its stake in shares of Shutterstock by 313.0% during the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock worth $43,000 after purchasing an additional 842 shares in the last quarter. Institutional investors and hedge funds 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.