Truist Financial Lowers Shutterstock (NYSE:SSTK) Price Target to $65.00

Shutterstock (NYSE:SSTK) had its price objective decreased by Truist Financial from $70.00 to $65.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the business services provider’s stock. Truist Financial’s price objective would suggest a potential upside of 65.61% from the stock’s current price.

Other analysts also recently issued reports about the company. StockNews.com downgraded Shutterstock from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Shutterstock in a report on Thursday. Finally, Morgan Stanley initiated coverage on Shutterstock in a report on Thursday, February 22nd. They set an “equal weight” rating and a $55.00 price target for the company. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $61.25.

Shutterstock Stock Up 0.0 %

SSTK opened at $39.25 on Monday. Shutterstock has a 52 week low of $33.80 and a 52 week high of $58.42. The business has a fifty day simple moving average of $45.32 and a 200-day simple moving average of $45.14. The firm has a market cap of $1.41 billion, a P/E ratio of 15.21 and a beta of 1.13.

Shutterstock (NYSE:SSTK) last released its quarterly earnings results on Wednesday, February 21st. The business services provider reported $0.46 EPS for the quarter, topping the consensus estimate of $0.33 by $0.13. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. The business had revenue of $217.22 million during the quarter, compared to analyst estimates of $224.04 million. Sell-side analysts expect that Shutterstock will post 3.13 earnings per share for the current year.

Insiders Place Their Bets

In other Shutterstock news, insider John Caine sold 1,974 shares of the business’s stock in a transaction that occurred 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 owns 7,413 shares in the company, valued at approximately $320,982.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 32.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Shutterstock

Several institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its stake in Shutterstock by 4.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 276,340 shares of the business services provider’s stock valued at $10,515,000 after buying an additional 11,333 shares in the last quarter. Federated Hermes Inc. lifted its stake in Shutterstock by 75,482.5% in the 3rd quarter. Federated Hermes Inc. now owns 43,082 shares of the business services provider’s stock valued at $1,639,000 after buying an additional 43,025 shares in the last quarter. Hussman Strategic Advisors Inc. lifted its stake in Shutterstock by 35.5% in the third quarter. Hussman Strategic Advisors Inc. now owns 42,000 shares of the business services provider’s stock valued at $1,598,000 after acquiring an additional 11,000 shares during the last quarter. Schroder Investment Management Group bought a new stake in Shutterstock in the third quarter worth approximately $7,046,000. Finally, Raymond James & Associates increased its stake in shares of Shutterstock by 13.6% during the 4th quarter. Raymond James & Associates now owns 62,343 shares of the business services provider’s stock worth $3,010,000 after purchasing an additional 7,447 shares during the last quarter. Hedge funds and other institutional investors 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.