Shutterstock (SSTK) Price Target Cut to $35.00

Shutterstock (NYSE:SSTK) had its price target lowered by investment analysts at Deutsche Bank from $50.00 to $35.00 in a report released on Wednesday. The firm currently has a “hold” rating on the business services provider’s stock. Deutsche Bank’s target price points to a potential downside of 13.58% from the stock’s current price.

A number of other brokerages also recently weighed in on SSTK. ValuEngine upgraded Shutterstock from a “hold” rating to a “buy” rating in a report on Tuesday, October 2nd. Jefferies Financial Group reiterated a “sell” rating and set a $44.00 price target on shares of Shutterstock in a report on Thursday, August 2nd. Finally, SunTrust Banks reiterated a “hold” rating and set a $48.00 price target on shares of Shutterstock in a report on Wednesday, August 1st. Three research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The stock presently has an average rating of “Hold” and an average target price of $41.80.

Shares of SSTK stock traded up $1.49 on Wednesday, reaching $40.50. 100,139 shares of the company’s stock traded hands, compared to its average volume of 246,074. Shutterstock has a 12-month low of $36.35 and a 12-month high of $55.76. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 57.04, a P/E/G ratio of 2.61 and a beta of 1.24.



Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Tuesday, October 30th. The business services provider reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Shutterstock had a return on equity of 7.82% and a net margin of 6.54%. The business had revenue of $151.60 million for the quarter, compared to the consensus estimate of $157.88 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 7.4% compared to the same quarter last year. On average, analysts anticipate that Shutterstock will post 0.78 EPS for the current fiscal year.

In related news, insider Martin Brodbeck sold 4,813 shares of Shutterstock stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $51.18, for a total transaction of $246,329.34. Following the completion of the sale, the insider now owns 55,101 shares of the company’s stock, valued at $2,820,069.18. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Thomas R. Evans sold 10,000 shares of Shutterstock stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $51.18, for a total value of $511,800.00. Following the sale, the director now directly owns 24,591 shares of the company’s stock, valued at approximately $1,258,567.38. The disclosure for this sale can be found here. 47.20% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its stake in Shutterstock by 26.1% in the first quarter. Dimensional Fund Advisors LP now owns 478,376 shares of the business services provider’s stock worth $23,034,000 after acquiring an additional 99,025 shares during the period. Principal Financial Group Inc. lifted its position in shares of Shutterstock by 2.6% during the first quarter. Principal Financial Group Inc. now owns 141,150 shares of the business services provider’s stock valued at $6,796,000 after buying an additional 3,629 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Shutterstock by 211.1% during the first quarter. Cubist Systematic Strategies LLC now owns 4,667 shares of the business services provider’s stock valued at $225,000 after buying an additional 3,167 shares during the last quarter. Millennium Management LLC lifted its position in shares of Shutterstock by 1,405.8% during the first quarter. Millennium Management LLC now owns 104,907 shares of the business services provider’s stock valued at $5,051,000 after buying an additional 97,940 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Shutterstock by 15.8% during the first quarter. Legal & General Group Plc now owns 41,043 shares of the business services provider’s stock valued at $1,961,000 after buying an additional 5,608 shares during the last quarter. 54.91% of the stock is owned by institutional investors.

About Shutterstock

Shutterstock, Inc provides content products and services in North America, Europe, and internationally. It offers digital imagery services, which include 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; and commercial music services comprising music tracks and sound effects that are used to complement digital imagery.

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