Zacks Investment Research upgraded shares of Shutterstock, Inc. (NYSE:SSTK) from a sell rating to a hold rating in a research report report published on Wednesday morning.

According to Zacks, “Shutterstock, Inc. is a global marketplace for digital imagery. It provides licensed photographs, vectors, illustrations and videos to businesses, marketing agencies and media organizations around the world. The Company’s online marketplace provides a freely searchable library of commercial digital images that the users can pay to license, download and incorporate into their work. Shutterstock, Inc. is headquartered in New York. “

Several other brokerages also recently issued reports on SSTK. BidaskClub downgraded shares of Shutterstock from a hold rating to a sell rating in a report on Tuesday, August 1st. ValuEngine downgraded shares of Shutterstock from a hold rating to a sell rating in a report on Friday, September 1st. TheStreet downgraded shares of Shutterstock from a b- rating to a c rating in a report on Friday, July 7th. Jefferies Group LLC reaffirmed a hold rating and issued a $50.00 price target on shares of Shutterstock in a report on Friday, June 23rd. Finally, SunTrust Banks, Inc. initiated coverage on shares of Shutterstock in a report on Tuesday, August 15th. They issued a hold rating and a $36.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. Shutterstock presently has a consensus rating of Hold and a consensus price target of $38.40.

Shutterstock (NYSE:SSTK) traded down 0.06% on Wednesday, reaching $33.60. 237,185 shares of the company’s stock were exchanged. Shutterstock has a 12-month low of $29.85 and a 12-month high of $65.16. The firm has a 50 day moving average of $35.60 and a 200-day moving average of $41.80. The company has a market cap of $1.16 billion, a P/E ratio of 41.38 and a beta of 1.45.

Shutterstock (NYSE:SSTK) last issued its earnings results on Wednesday, August 2nd. The business services provider reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.36 by $0.12. Shutterstock had a return on equity of 11.08% and a net margin of 5.59%. The company had revenue of $134 million for the quarter, compared to analyst estimates of $137.83 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. Equities analysts expect that Shutterstock will post $1.16 EPS for the current fiscal year.

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Several institutional investors and hedge funds have recently made changes to their positions in the stock. Municipal Employees Retirement System of Michigan lifted its stake in shares of Shutterstock by 1.8% during the second quarter. Municipal Employees Retirement System of Michigan now owns 4,490 shares of the business services provider’s stock valued at $198,000 after buying an additional 80 shares during the period. Texas Permanent School Fund lifted its stake in shares of Shutterstock by 1.0% during the second quarter. Texas Permanent School Fund now owns 13,880 shares of the business services provider’s stock valued at $612,000 after buying an additional 137 shares during the period. Thrivent Financial For Lutherans lifted its stake in shares of Shutterstock by 1.8% during the first quarter. Thrivent Financial For Lutherans now owns 10,600 shares of the business services provider’s stock valued at $438,000 after buying an additional 190 shares during the period. Mason Street Advisors LLC lifted its stake in shares of Shutterstock by 5.1% during the first quarter. Mason Street Advisors LLC now owns 4,438 shares of the business services provider’s stock valued at $184,000 after buying an additional 216 shares during the period. Finally, Teachers Advisors LLC lifted its stake in shares of Shutterstock by 0.9% during the second quarter. Teachers Advisors LLC now owns 33,365 shares of the business services provider’s stock valued at $1,471,000 after buying an additional 311 shares during the period. 62.97% of the stock is currently owned by institutional investors and hedge funds.

About Shutterstock

Shutterstock, Inc (Shutterstock) is a global technology company that operates a two-sided marketplace for professionals to license content. The Company’s library of content includes digital imagery, which consists of licensed photographs, vectors, illustrations and video clips that customers use in their visual communications, such as Websites, digital and print marketing materials, corporate communications, books, publications and video content, and commercial music, which consists of music tracks and sound effects and which is often used to complement digital imagery.

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Analyst Recommendations for Shutterstock (NYSE:SSTK)

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