Shutterstock (NYSE:SSTK) Coverage Initiated at StockNews.com

Research analysts at StockNews.com initiated coverage on shares of Shutterstock (NYSE:SSTK) in a report released on Monday. The firm set a “hold” rating on the business services provider’s stock.

Several other brokerages also recently weighed in on SSTK. JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Morgan Stanley decreased their price objective on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, October 21st. Truist Financial dropped their target price 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. Finally, Needham & Company LLC reduced their price target on Shutterstock from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Shutterstock currently has an average rating of “Hold” and an average price target of $50.33.

Shutterstock Stock Performance

NYSE SSTK opened at $29.78 on Monday. The company has a 50-day simple moving average of $30.84 and a two-hundred day simple moving average of $33.01. Shutterstock has a 12-month low of $27.30 and a 12-month high of $54.40. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 29.19 and a beta of 1.08. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23.

Institutional Trading of Shutterstock

A number of hedge funds have recently made changes to their positions in SSTK. The Manufacturers Life Insurance Company raised its stake in Shutterstock by 2.5% during the second quarter. The Manufacturers Life Insurance Company now owns 12,575 shares of the business services provider’s stock valued at $487,000 after buying an additional 309 shares during the last quarter. Covestor Ltd raised its position in shares of Shutterstock by 9.5% in the 3rd quarter. Covestor Ltd now owns 4,577 shares of the business services provider’s stock worth $162,000 after purchasing an additional 397 shares during the last quarter. Palouse Capital Management Inc. raised its position in shares of Shutterstock by 13.7% in the 4th quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock worth $132,000 after purchasing an additional 525 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in Shutterstock by 1.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider’s stock worth $1,066,000 after purchasing an additional 532 shares in the last quarter. Finally, Truvestments Capital LLC purchased a new stake in Shutterstock during the 3rd quarter valued at about $31,000. 82.79% of the stock is owned by institutional investors.

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.