Shutterstock (NYSE:SSTK) Cut to Hold at StockNews.com

Shutterstock (NYSE:SSTK - Get Free Report) was downgraded by equities research analysts at StockNews.com from a "buy" rating to a "hold" rating in a report released on Tuesday.

SSTK has been the topic of several other reports. Truist Financial decreased their price target on shares of Shutterstock from $65.00 to $56.00 and set a "buy" rating on the stock in a research note on Wednesday, October 30th. Morgan Stanley decreased 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, Needham & Company LLC reiterated a "buy" rating and issued a $55.00 price target on shares of Shutterstock in a research report on Tuesday, October 29th.

Shutterstock Stock Performance

NYSE SSTK traded up $0.03 during trading on Tuesday, reaching $31.63. 327,920 shares of the company's stock were exchanged, compared to its average volume of 500,708. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The business has a 50 day moving average price of $31.57 and a 200-day moving average price of $35.15. The stock has a market capitalization of $1.10 billion, a P/E ratio of 30.78 and a beta of 1.08. Shutterstock has a fifty-two week low of $28.85 and a fifty-two week high of $54.40.

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

Hedge Funds Weigh In On Shutterstock

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Rubric Capital Management LP acquired a new position in shares of Shutterstock during the 2nd quarter worth $14,769,000. Hotchkis & Wiley Capital Management LLC acquired a new position in Shutterstock during the third quarter worth about $8,493,000. TD Asset Management Inc lifted its holdings in shares of Shutterstock by 13.7% in the second quarter. TD Asset Management Inc now owns 1,793,925 shares of the business services provider's stock worth $69,425,000 after acquiring an additional 215,539 shares during the last quarter. Epoch Investment Partners Inc. boosted its stake in shares of Shutterstock by 22.8% in the 2nd quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider's stock valued at $42,010,000 after purchasing an additional 201,391 shares in the last quarter. Finally, Rice Hall James & Associates LLC grew its holdings in shares of Shutterstock by 40.7% during the 3rd quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider's stock valued at $18,724,000 after purchasing an additional 153,154 shares during the last quarter. 82.79% of the stock is currently 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.