Shutterstock (NYSE:SSTK) Stock Rating Upgraded by StockNews.com

Shutterstock (NYSE:SSTK) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Wednesday.

A number of other brokerages also recently commented on SSTK. Morgan Stanley lowered their price target on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Shutterstock in a research note on Tuesday, October 29th. Finally, Truist Financial dropped their target price on 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

NYSE:SSTK opened at $30.70 on Wednesday. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 30.10 and a beta of 1.08. Shutterstock has a 1 year low of $28.85 and a 1 year high of $54.40. The stock’s 50 day simple moving average is $31.46 and its two-hundred day simple moving average is $34.75. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42.

Shutterstock (NYSE:SSTK) last posted its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.25. The firm had revenue of $250.59 million during the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. Shutterstock’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period last year, the firm posted $0.99 earnings per share. As a group, equities analysts anticipate that Shutterstock will post 3.07 earnings per share for the current fiscal year.

Institutional Trading of Shutterstock

Several institutional investors have recently added to or reduced their stakes in SSTK. FMR LLC raised its holdings in shares of Shutterstock by 397.5% in the third quarter. FMR LLC now owns 39,193 shares of the business services provider’s stock worth $1,386,000 after buying an additional 31,315 shares during the period. Hotchkis & Wiley Capital Management LLC bought a new position in Shutterstock in the 3rd quarter valued at $8,493,000. Rubric Capital Management LP purchased a new stake in Shutterstock in the second quarter worth $14,769,000. Harbor Capital Advisors Inc. lifted its position in shares of Shutterstock by 110.7% during the third quarter. Harbor Capital Advisors Inc. now owns 34,588 shares of the business services provider’s stock worth $1,223,000 after purchasing an additional 18,174 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake in shares of Shutterstock by 95.4% during the second quarter. Federated Hermes Inc. now owns 138,719 shares of the business services provider’s stock valued at $5,368,000 after purchasing an additional 67,718 shares during the period. Institutional investors 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.