Shutterstock Inc. (NYSE:SSTK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Shutterstock, Inc. is a global marketplace for digital imagery. It provides licensed photographs, vectors, illustrations and videos to businesses, marketing agencies and media organizations around the world. The Company’s online marketplace provides a freely searchable library of commercial digital images that the users can pay to license, download and incorporate into their work. Shutterstock, Inc. is headquartered in New York. “
Several other equities analysts have also recently weighed in on the company. Cantor Fitzgerald cut Shutterstock from a “buy” rating to a “hold” rating and set a $60.00 price objective for the company. in a research report on Thursday, August 4th. Jefferies Group restated a “hold” rating and set a $60.00 price target on shares of Shutterstock in a research note on Tuesday, September 6th. Finally, Deutsche Bank AG upped their price objective on Shutterstock from $42.00 to $56.00 and gave the company a “hold” rating in a research note on Tuesday, August 9th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $55.00.
Shares of Shutterstock (NYSE:SSTK) opened at 62.31 on Tuesday. The stock has a 50 day moving average price of $61.23 and a 200-day moving average price of $49.81. Shutterstock has a 1-year low of $25.44 and a 1-year high of $65.16. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 93.14 and a beta of 1.68.
Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. Shutterstock had a return on equity of 11.05% and a net margin of 5.24%. The business had revenue of $124.40 million for the quarter, compared to the consensus estimate of $124.29 million. During the same quarter in the previous year, the company posted $0.31 earnings per share. Shutterstock’s revenue for the quarter was up 19.2% compared to the same quarter last year. On average, equities research analysts expect that Shutterstock will post $1.45 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Societe Generale acquired a new position in shares of Shutterstock during the second quarter valued at approximately $100,000. Acrospire Investment Management LLC acquired a new position in shares of Shutterstock during the first quarter valued at approximately $103,000. Teacher Retirement System of Texas increased its position in shares of Shutterstock by 13.6% in the second quarter. Teacher Retirement System of Texas now owns 2,765 shares of the company’s stock valued at $127,000 after buying an additional 330 shares during the last quarter. Legal & General Group Plc increased its position in shares of Shutterstock by 3.5% in the first quarter. Legal & General Group Plc now owns 3,642 shares of the company’s stock valued at $134,000 after buying an additional 122 shares during the last quarter. Finally, Royal Bank of Canada increased its position in shares of Shutterstock by 79.7% in the second quarter. Royal Bank of Canada now owns 2,929 shares of the company’s stock valued at $134,000 after buying an additional 1,299 shares during the last quarter. 64.02% of the stock is currently owned by institutional investors and hedge funds.
Shutterstock, Inc (Shutterstock) is a global provider of creative content and commercial music. The Company’s creative content includes digital imagery, which consists of licensed photographs, vectors, illustrations and video clips that customers use in their visual communications, such as Websites, digital and print marketing materials, corporate communications, books, publications and video content.