Shutterstock (NYSE:SSTK) Upgraded at Wall Street Zen

Key Points

• Shutterstock has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, signaling increased investor confidence.
• Meanwhile, Needham & Company has decreased its target price on Shutterstock shares from $30.00 to $25.00 while maintaining a "buy" rating.
• Despite the recent upgrade, Shutterstock's stock currently has an average rating of "Hold" with an average target price of $43.67 according to MarketBeat data.

Shutterstock (NYSE:SSTK - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Friday.

Separately, Needham & Company LLC decreased their target price on shares of Shutterstock from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Monday, June 2nd. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $43.67.

Shutterstock Trading Up 2.5%

Shares of NYSE SSTK traded up $0.52 during midday trading on Friday, reaching $21.05. 155,953 shares of the stock were exchanged, compared to its average volume of 201,833. The company has a market capitalization of $746.59 million, a P/E ratio of 11.63 and a beta of 1.05. Shutterstock has a 52-week low of $14.35 and a 52-week high of $38.80. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.20. The stock has a 50 day moving average price of $20.67 and a 200-day moving average price of $18.94.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The business services provider reported $1.19 EPS for the quarter, missing analysts' consensus estimates of $1.65 by ($0.46). The firm had revenue of $266.99 million for the quarter, compared to analysts' expectations of $248.27 million. Shutterstock had a return on equity of 18.42% and a net margin of 6.36%.The business's quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.00 earnings per share. Equities research analysts expect that Shutterstock will post 3.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC lifted its position in Shutterstock by 11.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,636 shares of the business services provider's stock valued at $201,000 after buying an additional 682 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Shutterstock by 159.8% during the first quarter. Janney Montgomery Scott LLC now owns 78,652 shares of the business services provider's stock worth $1,465,000 after purchasing an additional 48,382 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Shutterstock by 33.3% during the first quarter. Victory Capital Management Inc. now owns 55,137 shares of the business services provider's stock worth $1,027,000 after purchasing an additional 13,767 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Shutterstock during the first quarter worth $633,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Shutterstock by 13.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,769 shares of the business services provider's stock worth $1,753,000 after purchasing an additional 7,023 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.

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