Shutterstock (NYSE:SSTK) Stock Rating Reaffirmed by Needham & Company LLC

Shutterstock (NYSE:SSTK)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports. They currently have a $60.00 target price on the business services provider’s stock. Needham & Company LLC’s target price suggests a potential upside of 41.38% from the company’s previous close.

SSTK has been the topic of several other reports. Truist Financial dropped their price target on shares of Shutterstock from $85.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. StockNews.com lowered shares of Shutterstock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 29th. Finally, Morgan Stanley initiated 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. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $62.50.

Shutterstock Trading Down 0.6 %

Shutterstock stock opened at $42.44 on Thursday. Shutterstock has a 52 week low of $33.80 and a 52 week high of $67.24. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 14.01 and a beta of 1.13. The company’s 50-day moving average price is $45.53 and its two-hundred day moving average price is $45.07.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings data on Wednesday, February 21st. The business services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.13. Shutterstock had a net margin of 12.61% and a return on equity of 23.04%. The business had revenue of $217.22 million during the quarter, compared to analysts’ expectations of $224.04 million. Research analysts expect that Shutterstock will post 3.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider John Caine sold 1,974 shares of the company’s stock in a transaction on Friday, April 5th. The stock was sold at an average price of $43.30, for a total transaction of $85,474.20. Following the transaction, the insider now directly owns 7,413 shares of the company’s stock, valued at $320,982.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 32.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Shutterstock by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 2,894,111 shares of the business services provider’s stock worth $110,121,000 after purchasing an additional 14,197 shares during the last quarter. Copeland Capital Management LLC grew its stake in shares of Shutterstock by 37.3% in the 4th quarter. Copeland Capital Management LLC now owns 1,394,278 shares of the business services provider’s stock valued at $67,316,000 after buying an additional 378,450 shares in the last quarter. LSV Asset Management increased its holdings in Shutterstock by 46.3% in the fourth quarter. LSV Asset Management now owns 1,370,843 shares of the business services provider’s stock worth $66,184,000 after buying an additional 433,906 shares during the last quarter. Trigran Investments Inc. raised its position in Shutterstock by 15.5% during the fourth quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock valued at $58,647,000 after acquiring an additional 163,268 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in Shutterstock by 32.9% in the third quarter. Wellington Management Group LLP now owns 944,543 shares of the business services provider’s stock valued at $35,940,000 after acquiring an additional 234,030 shares during the last quarter. 82.79% of the stock is owned by hedge funds and other 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.