Shutterstock (NYSE:SSTK) Downgraded to Hold Rating by Truist Financial

Shutterstock (NYSE:SSTK) was downgraded by stock analysts at Truist Financial from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, MarketBeat.com reports.

Several other brokerages have also recently weighed in on SSTK. StockNews.com initiated coverage on Shutterstock in a research note on Wednesday, February 19th. They set a “hold” rating for the company. Needham & Company LLC reduced their price objective on shares of Shutterstock from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Finally, JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $50.33.

Shutterstock Price Performance

Shares of NYSE:SSTK traded down $1.66 during trading on Tuesday, reaching $22.83. The company had a trading volume of 687,470 shares, compared to its average volume of 743,875. Shutterstock has a twelve month low of $22.41 and a twelve month high of $54.40. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. The firm has a market capitalization of $795.70 million, a PE ratio of 22.38 and a beta of 1.08. The firm’s fifty day moving average is $29.82 and its 200 day moving average is $31.84.

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

Hedge Funds Weigh In On Shutterstock

A number of hedge funds and other institutional investors have recently modified their holdings of SSTK. Mackenzie Financial Corp purchased a new stake in Shutterstock during the fourth quarter valued at about $552,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Shutterstock by 13.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,769 shares of the business services provider’s stock valued at $1,753,000 after acquiring an additional 7,023 shares in the last quarter. Vident Advisory LLC boosted its position in shares of Shutterstock by 9.1% in the fourth quarter. Vident Advisory LLC now owns 15,857 shares of the business services provider’s stock worth $481,000 after buying an additional 1,321 shares during the period. Squarepoint Ops LLC boosted its position in Shutterstock by 83.9% during the 4th quarter. Squarepoint Ops LLC now owns 77,212 shares of the business services provider’s stock worth $2,343,000 after acquiring an additional 35,235 shares during the period. Finally, Two Sigma Advisers LP grew its position in Shutterstock by 111.7% during the fourth quarter. Two Sigma Advisers LP now owns 34,500 shares of the business services provider’s stock valued at $1,047,000 after purchasing an additional 18,200 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.