Shutterstock (NYSE:SSTK) Cut to “Hold” at StockNews.com

Shutterstock (NYSE:SSTK) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

Several other brokerages also recently weighed in on SSTK. Morgan Stanley cut their target price on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, October 21st. Needham & Company LLC reissued a “buy” rating and set a $55.00 price target on shares of Shutterstock in a report on Tuesday, October 29th. Finally, Truist Financial reduced their price objective on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 30th.

Shutterstock Stock Performance

Shares of SSTK opened at $30.06 on Tuesday. The firm has a fifty day moving average of $31.56 and a 200-day moving average of $35.05. The company has a market cap of $1.05 billion, a price-to-earnings ratio of 29.47 and a beta of 1.08. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. Shutterstock has a 1 year low of $28.85 and a 1 year high of $54.40.

Shutterstock (NYSE:SSTK) last posted its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (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 firm had revenue of $250.59 million during the quarter, compared to analyst estimates of $240.90 million. During the same period in the previous year, the business posted $0.99 EPS. Shutterstock’s revenue was up 7.4% on a year-over-year basis. As a group, equities analysts anticipate that Shutterstock will post 3.07 earnings per share for the current year.

Institutional Trading of Shutterstock

Several institutional investors have recently modified their holdings of SSTK. TD Asset Management Inc grew its holdings in 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 period. Epoch Investment Partners Inc. boosted its position in shares of 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 valued at $42,010,000 after purchasing an additional 201,391 shares in the last quarter. State Street Corp grew its stake 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 worth $34,192,000 after purchasing an additional 13,039 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Shutterstock by 4.1% during the second quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider’s stock valued at $33,648,000 after purchasing an additional 34,243 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Shutterstock by 4.6% during the third quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock valued at $20,275,000 after purchasing an additional 25,050 shares during the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

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.