Shutterstock (NYSE:SSTK) Cut to “Hold” at Truist Financial

Shutterstock (NYSE:SSTK) was downgraded by equities research analysts at Truist Financial from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports.

Several other research analysts have also issued reports on the company. JMP Securities restated a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. StockNews.com began coverage on shares of Shutterstock in a research note on Wednesday, February 19th. They set a “hold” rating for the company. Finally, Needham & Company LLC lowered their target price on shares of Shutterstock from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $50.33.

Shutterstock Stock Performance

Shares of NYSE:SSTK traded down $1.66 during trading on Tuesday, hitting $22.83. 687,470 shares of the stock were exchanged, compared to its average volume of 743,875. The company has a market capitalization of $795.70 million, a price-to-earnings ratio of 22.38 and a beta of 1.08. 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 company’s fifty day simple moving average is $29.82 and its 200-day simple moving average is $31.84. Shutterstock has a 1-year low of $22.41 and a 1-year high of $54.40.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results on Tuesday, February 25th. The business services provider reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.25). Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm had revenue of $250.30 million for the quarter, compared to the consensus estimate of $254.16 million. During the same period in the prior year, the business earned $0.72 earnings per share. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. Sell-side analysts expect that Shutterstock will post 3.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Shutterstock

A number of hedge funds have recently added to or reduced their stakes in SSTK. Truvestments Capital LLC bought a new position in shares of Shutterstock in the third quarter valued at approximately $31,000. Amundi lifted its stake in Shutterstock by 26.2% during the 4th quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after acquiring an additional 488 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Shutterstock by 167.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider’s stock worth $76,000 after acquiring an additional 1,565 shares during the last quarter. R Squared Ltd bought a new stake in shares of Shutterstock in the 4th quarter worth $108,000. Finally, Palouse Capital Management Inc. raised its holdings in shares of Shutterstock by 13.7% in the fourth quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock valued at $132,000 after purchasing an additional 525 shares during the last quarter. Institutional investors and hedge funds 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.