Shutterstock (NYSE:SSTK) Stock Rating Reaffirmed by Needham & Company LLC

Shutterstock (NYSE:SSTK - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports. They currently have a $65.00 target price on the business services provider's stock. Needham & Company LLC's price target would indicate a potential upside of 51.83% from the company's previous close.

Several other analysts have also recently commented on the company. Morgan Stanley started coverage on Shutterstock in a report on Thursday, February 22nd. They issued an "equal weight" rating and a $55.00 price target for the company. Truist Financial decreased their price objective on shares of Shutterstock from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Monday, May 6th. Finally, StockNews.com downgraded shares of Shutterstock from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, Shutterstock currently has an average rating of "Moderate Buy" and a consensus price target of $62.50.

Shutterstock Stock Up 2.6 %

Shares of NYSE:SSTK traded up $1.07 during trading on Tuesday, reaching $42.81. The stock had a trading volume of 555,795 shares, compared to its average volume of 493,748. The stock has a market cap of $1.53 billion, a P/E ratio of 16.56 and a beta of 1.13. The business has a fifty day moving average price of $44.34 and a 200-day moving average price of $45.33. Shutterstock has a fifty-two week low of $33.80 and a fifty-two week high of $58.42.

Shutterstock (NYSE:SSTK - Get Free Report) last announced its earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.13. Shutterstock had a net margin of 10.71% and a return on equity of 21.14%. The firm had revenue of $217.22 million for the quarter, compared to analyst estimates of $224.04 million. As a group, equities analysts forecast that Shutterstock will post 3.38 EPS for the current year.

Insider Activity

In other news, insider John Caine sold 5,439 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $42.91, for a total transaction of $233,387.49. Following the sale, the insider now directly owns 1,974 shares in the company, valued at approximately $84,704.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 32.30% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. SRS Capital Advisors Inc. grew its position in Shutterstock by 433.3% in the 4th quarter. SRS Capital Advisors Inc. now owns 592 shares of the business services provider's stock valued at $29,000 after buying an additional 481 shares in the last quarter. Fifth Third Bancorp raised its position in shares of Shutterstock by 48.7% during the 4th quarter. Fifth Third Bancorp now owns 883 shares of the business services provider's stock worth $43,000 after buying an additional 289 shares in the last quarter. First Horizon Advisors Inc. raised its position in shares of Shutterstock by 58.5% during the 4th quarter. First Horizon Advisors Inc. now owns 894 shares of the business services provider's stock worth $43,000 after buying an additional 330 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Shutterstock by 317.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,170 shares of the business services provider's stock worth $56,000 after buying an additional 890 shares in the last quarter. Finally, Covestor Ltd raised its position in shares of Shutterstock by 77.2% during the 3rd quarter. Covestor Ltd now owns 2,327 shares of the business services provider's stock worth $88,000 after buying an additional 1,014 shares in 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.