Shutterstock (NYSE:SSTK) Price Target Cut to $65.00

Shutterstock (NYSE:SSTK - Get Free Report) had its price objective dropped by research analysts at Truist Financial from $70.00 to $65.00 in a research report issued on Monday, Benzinga reports. The firm currently has a "buy" rating on the business services provider's stock. Truist Financial's target price points to a potential upside of 62.74% from the stock's previous close.

A number of other research analysts also recently commented on the stock. StockNews.com downgraded shares of Shutterstock from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 29th. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price target on shares of Shutterstock in a research note on Thursday. Finally, Morgan Stanley began coverage on shares of Shutterstock in a research note on Thursday, February 22nd. They set an "equal weight" rating and a $55.00 price objective for the company. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.25.

Shutterstock Stock Up 1.8 %

Shares of SSTK traded up $0.70 on Monday, hitting $39.94. 582,239 shares of the stock traded hands, compared to its average volume of 498,827. The firm has a market capitalization of $1.43 billion, a P/E ratio of 15.48 and a beta of 1.13. Shutterstock has a 1 year low of $33.80 and a 1 year high of $58.42. The stock's 50 day moving average is $45.19 and its two-hundred day moving average is $45.16.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.13. The company had revenue of $217.22 million for the quarter, compared to analyst estimates of $224.04 million. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. Research analysts forecast that Shutterstock will post 3.13 EPS for the current year.

Insiders Place Their Bets

In other news, insider John Caine sold 1,974 shares of the business's stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $43.30, for a total value of $85,474.20. Following the completion of the sale, the insider now directly owns 7,413 shares in the company, valued at approximately $320,982.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 32.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SSTK. Raymond James & Associates boosted its holdings in shares of Shutterstock by 3.6% during the third quarter. Raymond James & Associates now owns 54,896 shares of the business services provider's stock valued at $2,089,000 after acquiring an additional 1,917 shares during the period. Bank of New York Mellon Corp raised its stake in Shutterstock by 20.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 569,594 shares of the business services provider's stock valued at $21,673,000 after acquiring an additional 96,337 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Shutterstock by 28.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,856 shares of the business services provider's stock worth $223,000 after acquiring an additional 1,282 shares during the period. Mackenzie Financial Corp grew its stake in shares of Shutterstock by 22.0% in the third quarter. Mackenzie Financial Corp now owns 12,738 shares of the business services provider's stock worth $479,000 after purchasing an additional 2,300 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Shutterstock by 43.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,797 shares of the business services provider's stock valued at $1,476,000 after purchasing an additional 11,747 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.