Shutterstock (NYSE:SSTK) Price Target Lowered to $45.00 at Needham & Company LLC

Shutterstock (NYSE:SSTK - Get Free Report) had its price objective reduced by analysts at Needham & Company LLC from $55.00 to $45.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the business services provider's stock. Needham & Company LLC's price target would indicate a potential upside of 57.18% from the stock's previous close.

Several other research firms have also recently weighed in on SSTK. StockNews.com cut Shutterstock from a "buy" rating to a "hold" rating in a research report on Monday, January 6th. Truist Financial reduced their price objective on Shutterstock from $65.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, October 30th. Morgan Stanley dropped their target price on shares of Shutterstock from $58.00 to $50.00 and set an "equal weight" rating on the stock in a research report on Monday, October 21st. Finally, JMP Securities restated a "market perform" rating on shares of Shutterstock in a research report on Monday, January 6th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $50.33.

Shutterstock Stock Down 6.4 %

NYSE SSTK traded down $1.95 on Monday, reaching $28.63. The stock had a trading volume of 1,373,932 shares, compared to its average volume of 1,803,459. Shutterstock has a 1 year low of $28.34 and a 1 year high of $54.40. The business has a 50 day moving average price of $31.38 and a 200 day moving average price of $33.94. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $998.07 million, a price-to-earnings ratio of 28.07 and a beta of 1.08.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.25. The firm had revenue of $250.59 million for the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The company's revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.99 earnings per share. On average, analysts forecast that Shutterstock will post 3.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Epoch Investment Partners Inc. grew its position in Shutterstock by 22.8% during the second quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider's stock worth $42,010,000 after buying an additional 201,391 shares in the last quarter. State Street Corp grew its holdings in Shutterstock by 1.4% during the 3rd quarter. State Street Corp now owns 966,694 shares of the business services provider's stock worth $34,192,000 after acquiring an additional 13,039 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Shutterstock by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider's stock valued at $33,648,000 after purchasing an additional 34,243 shares during the period. Geode Capital Management LLC increased its stake in shares of Shutterstock by 4.6% in the third quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider's stock valued at $20,275,000 after buying an additional 25,050 shares during the period. Finally, Rice Hall James & Associates LLC lifted its holdings in Shutterstock by 40.7% in the third quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider's stock valued at $18,724,000 after buying an additional 153,154 shares during the period. 82.79% of the stock is owned by institutional investors and hedge funds.

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.