Shutterstock (NYSE:SSTK) Stock Rating Upgraded by StockNews.com

Shutterstock (NYSE:SSTK) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

Several other analysts have also issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $65.00 price target on shares of Shutterstock in a research report on Tuesday, August 6th. Morgan Stanley boosted their price target on Shutterstock from $55.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd.

Shutterstock Stock Performance

Shutterstock stock opened at $32.14 on Tuesday. Shutterstock has a 52 week low of $32.02 and a 52 week high of $54.40. The firm has a market capitalization of $1.14 billion, a PE ratio of 12.71 and a beta of 1.09. The business’s 50-day simple moving average is $36.17 and its 200-day simple moving average is $39.21.

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

Hedge Funds Weigh In On Shutterstock

Hedge funds have recently modified their holdings of the stock. Truvestments Capital LLC bought a new position in Shutterstock during the 1st quarter valued at about $42,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Shutterstock by 31,733.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after acquiring an additional 952 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in Shutterstock during the 2nd quarter worth approximately $41,000. Quarry LP increased its holdings in Shutterstock by 313.0% during the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock valued at $43,000 after purchasing an additional 842 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position 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. 82.79% of the stock is owned by institutional investors and hedge funds.

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.