Shutterstock (NYSE:SSTK) Downgraded by StockNews.com to Hold

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

SSTK has been the subject of several other reports. Morgan Stanley dropped their target price on 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 reissued a “buy” rating and set a $55.00 price objective on shares of Shutterstock in a research note on Tuesday, October 29th. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research note on Monday. Finally, Truist Financial dropped their price target on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Shutterstock has a consensus rating of “Hold” and a consensus target price of $53.67.

Shutterstock Price Performance

NYSE:SSTK traded down $1.41 during mid-day trading on Monday, reaching $30.06. The stock had a trading volume of 774,841 shares, compared to its average volume of 891,080. Shutterstock has a one year low of $28.64 and a one year 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 50 day moving average price of $31.54 and a two-hundred day moving average price of $34.19. The stock has a market capitalization of $1.05 billion, a P/E ratio of 29.47 and a beta of 1.08.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.25. The company had revenue of $250.59 million during the quarter, compared to analysts’ expectations of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.99 EPS. As a group, analysts expect that Shutterstock will post 3.07 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SSTK. Truvestments Capital LLC purchased a new position in shares of Shutterstock during the third quarter valued at about $31,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Shutterstock by 31,733.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after acquiring an additional 952 shares during the period. Quarry LP raised its position in shares of Shutterstock by 313.0% in the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock worth $43,000 after acquiring an additional 842 shares in the last quarter. Headlands Technologies LLC lifted its stake in shares of Shutterstock by 1,339.2% in the 2nd quarter. Headlands Technologies LLC now owns 3,339 shares of the business services provider’s stock valued at $129,000 after purchasing an additional 3,107 shares during the period. Finally, Palouse Capital Management Inc. boosted its position in shares of Shutterstock by 20.7% during the second quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock valued at $150,000 after purchasing an additional 665 shares in the last quarter. 82.79% of the stock is currently owned by 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.