Shutterstock, Inc. (SSTK) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Shutterstock, Inc. (NYSE:SSTK) from a hold rating to a buy rating in a research note issued to investors on Saturday morning. The firm currently has $42.00 price objective on the business services provider’s stock.
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 analysts have also recently issued reports on the stock. Jefferies Group LLC increased their target price on shares of Shutterstock from $30.00 to $34.00 and gave the stock an underperform rating in a research note on Wednesday. Cantor Fitzgerald reiterated a hold rating and issued a $40.00 target price on shares of Shutterstock in a research note on Tuesday, October 31st. BidaskClub upgraded shares of Shutterstock from a strong sell rating to a sell rating in a research report on Saturday, October 28th. ValuEngine cut shares of Shutterstock from a hold rating to a sell rating in a research report on Friday, September 1st. Finally, SunTrust Banks, Inc. assumed coverage on shares of Shutterstock in a research report on Tuesday, August 15th. They set a hold rating and a $36.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $39.17.
Shutterstock (NYSE:SSTK) traded down $0.51 during midday trading on Friday, reaching $36.64. 637,353 shares of the company’s stock traded hands, compared to its average volume of 384,813. The firm has a market capitalization of $1,270.49, a PE ratio of 46.38 and a beta of 1.47.
Shutterstock (NYSE:SSTK) last posted its earnings results on Tuesday, October 31st. The business services provider reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.01. Shutterstock had a net margin of 4.58% and a return on equity of 9.71%. The business had revenue of $141.10 million for the quarter, compared to analysts’ expectations of $133.24 million. During the same period in the prior year, the company posted $0.40 EPS. The business’s revenue for the quarter was up 14.6% compared to the same quarter last year. research analysts anticipate that Shutterstock will post 0.69 earnings per share for the current year.
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Hedge funds have recently added to or reduced their stakes in the stock. Thrivent Financial For Lutherans grew its holdings in shares of Shutterstock by 1.8% during the 1st quarter. Thrivent Financial For Lutherans now owns 10,600 shares of the business services provider’s stock valued at $438,000 after purchasing an additional 190 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Shutterstock by 14.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 188,682 shares of the business services provider’s stock worth $7,802,000 after acquiring an additional 24,421 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Shutterstock by 167.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 824,055 shares of the business services provider’s stock worth $36,323,000 after acquiring an additional 516,226 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Shutterstock by 10.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 226,121 shares of the business services provider’s stock worth $9,350,000 after acquiring an additional 21,140 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new stake in Shutterstock in the 2nd quarter worth $284,000. 61.83% of the stock is currently owned by institutional investors.
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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