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

Investment analysts at StockNews.com assumed coverage on shares of Shutterstock (NYSE:SSTK) in a research report issued on Monday. The firm set a “hold” rating on the business services provider’s stock.

A number of other analysts have also recently commented on SSTK. JMP Securities reissued a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Needham & Company LLC lowered their price objective on Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, March 7th. Finally, Truist Financial downgraded Shutterstock from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Shutterstock has a consensus rating of “Hold” and a consensus price target of $45.33.

Shutterstock Stock Performance

Shares of Shutterstock stock opened at $17.79 on Monday. Shutterstock has a 12 month low of $17.57 and a 12 month high of $46.46. The firm has a market capitalization of $620.66 million, a P/E ratio of 17.44 and a beta of 1.12. 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 business has a fifty day simple moving average of $24.80 and a two-hundred day simple moving average of $29.34.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Tuesday, February 25th. The business services provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.25). Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business had revenue of $250.30 million for the quarter, compared to analysts’ expectations of $254.16 million. During the same period last year, the business earned $0.72 earnings per share. The company’s revenue was up 15.2% on a year-over-year basis. On average, equities analysts forecast that Shutterstock will post 3.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shutterstock

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amundi lifted its holdings in shares of Shutterstock by 26.2% during the 4th quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after buying an additional 488 shares during the period. Covestor Ltd increased its position in Shutterstock by 11.3% during the fourth quarter. Covestor Ltd now owns 5,092 shares of the business services provider’s stock valued at $155,000 after acquiring an additional 515 shares during the last quarter. Palouse Capital Management Inc. lifted its holdings in Shutterstock by 13.7% in the fourth quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock valued at $132,000 after acquiring an additional 525 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in Shutterstock by 1.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider’s stock valued at $1,066,000 after acquiring an additional 532 shares during the period. Finally, Snowden Capital Advisors LLC boosted its position in Shutterstock by 5.4% in the fourth quarter. Snowden Capital Advisors LLC now owns 10,701 shares of the business services provider’s stock worth $325,000 after purchasing an additional 548 shares during the last quarter. 82.79% of the stock is owned by 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.