Morgan Stanley Cuts Shutterstock (NYSE:SSTK) Price Target to $50.00

Shutterstock (NYSE:SSTK) had its price objective cut by Morgan Stanley from $58.00 to $50.00 in a research note published on Monday morning, Benzinga reports. They currently have an equal weight rating on the business services provider’s stock.

Several other equities analysts also recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price target on shares of Shutterstock in a research note on Tuesday, August 6th. StockNews.com upgraded Shutterstock from a “hold” rating to a “buy” rating in a report on Tuesday, October 1st.

Shutterstock Stock Up 0.2 %

SSTK opened at $29.85 on Monday. Shutterstock has a twelve month low of $29.21 and a twelve month high of $54.40. The company has a market cap of $1.07 billion, a PE ratio of 11.57 and a beta of 1.09. The company has a 50-day moving average price of $33.55 and a 200 day moving average price of $37.62.

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

Institutional Investors Weigh In On Shutterstock

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its position in Shutterstock by 31,733.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock valued at $37,000 after buying an additional 952 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Shutterstock in the 2nd quarter valued at approximately $41,000. Truvestments Capital LLC acquired a new position in shares of Shutterstock in the 1st quarter worth approximately $42,000. Quarry LP boosted its position in shares of Shutterstock by 313.0% during the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock worth $43,000 after purchasing an additional 842 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in Shutterstock by 69.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock valued at $79,000 after purchasing an additional 838 shares during the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

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.