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

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

A number of other brokerages also recently commented on SSTK. Needham & Company LLC reissued a “buy” rating and set a $55.00 price objective on shares of Shutterstock in a research report on Tuesday. Morgan Stanley reduced their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, October 21st. Finally, Truist Financial reduced their price objective on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday.

Shutterstock Stock Up 0.8 %

NYSE SSTK traded up $0.25 during trading on Wednesday, hitting $33.12. The stock had a trading volume of 1,121,451 shares, compared to its average volume of 517,200. The company has a market capitalization of $1.17 billion, a PE ratio of 25.28 and a beta of 1.09. The firm has a 50 day moving average price of $33.09 and a 200 day moving average price of $37.23. Shutterstock has a twelve month low of $28.95 and a twelve month high of $54.40.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, August 6th. The business services provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.01). The firm had revenue of $220.05 million during the quarter, compared to analyst estimates of $213.44 million. Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The business’s revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.76 earnings per share. On average, sell-side analysts anticipate that Shutterstock will post 2.99 earnings per share for the current year.

Institutional Trading of Shutterstock

Hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. grew its stake in Shutterstock by 2.8% in the first quarter. Principal Financial Group Inc. now owns 150,479 shares of the business services provider’s stock valued at $6,893,000 after purchasing an additional 4,051 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of Shutterstock by 14.2% during the 1st quarter. BNP Paribas Financial Markets now owns 97,344 shares of the business services provider’s stock worth $4,459,000 after purchasing an additional 12,110 shares during the last quarter. GSA Capital Partners LLP lifted its position in shares of Shutterstock by 137.4% during the 1st quarter. GSA Capital Partners LLP now owns 19,667 shares of the business services provider’s stock worth $901,000 after purchasing an additional 11,381 shares during the last quarter. Texas Permanent School Fund Corp raised its holdings in Shutterstock by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 20,941 shares of the business services provider’s stock valued at $959,000 after acquiring an additional 271 shares in the last quarter. Finally, Leuthold Group LLC raised its holdings in Shutterstock by 5.0% in the 1st quarter. Leuthold Group LLC now owns 73,812 shares of the business services provider’s stock valued at $3,381,000 after acquiring an additional 3,525 shares in the last quarter. 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.