StockNews.com Initiates Coverage on Shutterstock (NYSE:SSTK)

Analysts at StockNews.com assumed coverage on shares of Shutterstock (NYSE:SSTK) in a research note issued on Tuesday. The brokerage set a “hold” rating on the business services provider’s stock.

Other equities research analysts have also issued research reports about the company. Truist Financial lowered Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Needham & Company LLC dropped their price objective on shares of Shutterstock from $45.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, March 7th. Finally, JMP Securities restated a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. Four 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, the stock currently has an average rating of “Hold” and a consensus price target of $45.33.

Shutterstock Stock Performance

Shares of Shutterstock stock opened at $16.61 on Tuesday. The company has a market capitalization of $579.59 million, a PE ratio of 16.28 and a beta of 1.13. The company has a 50-day simple moving average of $22.15 and a two-hundred day simple moving average of $28.15. Shutterstock has a one year low of $14.35 and a one year high of $46.10. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42.

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

Institutional Trading of Shutterstock

Hedge funds have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership purchased a new position in Shutterstock during the fourth quarter valued at approximately $9,903,000. Dimensional Fund Advisors LP increased its stake in shares of Shutterstock by 22.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,018,231 shares of the business services provider’s stock valued at $30,904,000 after purchasing an additional 189,015 shares in the last quarter. Invenomic Capital Management LP increased its position in shares of Shutterstock by 28.1% in the fourth quarter. Invenomic Capital Management LP now owns 601,490 shares of the business services provider’s stock valued at $18,255,000 after buying an additional 132,055 shares in the last quarter. Millennium Management LLC increased its holdings in Shutterstock by 77.6% in the 4th quarter. Millennium Management LLC now owns 299,412 shares of the business services provider’s stock worth $9,087,000 after acquiring an additional 130,831 shares in the last quarter. Finally, Royce & Associates LP lifted its holdings in Shutterstock by 18.1% during the fourth quarter. Royce & Associates LP now owns 831,626 shares of the business services provider’s stock valued at $25,240,000 after purchasing an additional 127,399 shares in the last quarter. Hedge funds and other institutional investors 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.