Shutterstock (NYSE:SSTK) Price Target Raised to $110.00

Shutterstock (NYSE:SSTK) had its price objective hoisted by research analysts at JMP Securities from $100.00 to $110.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has a “market outperform” rating on the business services provider’s stock. JMP Securities’ price objective would suggest a potential upside of 25.09% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Stifel Nicolaus restated a “buy” rating and issued a $85.00 price target on shares of Shutterstock in a report on Wednesday, January 27th. Zacks Investment Research raised shares of Shutterstock from a “hold” rating to a “buy” rating and set a $103.00 price objective for the company in a research note on Thursday, April 29th. Truist Securities upped their price objective on shares of Shutterstock from $86.00 to $102.00 in a research note on Wednesday, April 28th. Needham & Company LLC started coverage on shares of Shutterstock in a research note on Monday. They issued a “buy” rating and a $105.00 price objective for the company. Finally, Truist upped their price objective on shares of Shutterstock from $86.00 to $102.00 in a research note on Wednesday, April 28th. Six equities research analysts have rated the stock with a buy rating, Shutterstock currently has an average rating of “Buy” and a consensus price target of $95.71.

SSTK stock opened at $87.94 on Tuesday. The firm’s fifty day simple moving average is $91.80 and its two-hundred day simple moving average is $77.59. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of 63.27, a price-to-earnings-growth ratio of 2.05 and a beta of 1.05. Shutterstock has a twelve month low of $33.45 and a twelve month high of $104.57.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results on Tuesday, April 27th. The business services provider reported $0.98 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.29. The firm had revenue of $183.30 million for the quarter, compared to analysts’ expectations of $175.67 million. Shutterstock had a net margin of 7.70% and a return on equity of 15.13%. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share. Equities research analysts forecast that Shutterstock will post 1.77 earnings per share for the current fiscal year.

In related news, Chairman Jonathan Oringer sold 13,482 shares of the stock in a transaction that occurred on Wednesday, February 3rd. The shares were sold at an average price of $67.10, for a total value of $904,642.20. Following the completion of the transaction, the chairman now directly owns 13,464,824 shares of the company’s stock, valued at approximately $903,489,690.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Steven Ciardiello sold 13,675 shares of the stock in a transaction that occurred on Monday, March 22nd. The stock was sold at an average price of $89.55, for a total transaction of $1,224,596.25. Following the completion of the transaction, the chief accounting officer now owns 35,452 shares in the company, valued at approximately $3,174,726.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,194 shares of company stock valued at $16,216,452. Insiders own 46.80% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in SSTK. Great West Life Assurance Co. Can grew its stake in Shutterstock by 4.6% in the 3rd quarter. Great West Life Assurance Co. Can now owns 24,116 shares of the business services provider’s stock valued at $1,255,000 after acquiring an additional 1,069 shares during the period. Teachers Retirement System of The State of Kentucky lifted its holdings in Shutterstock by 259.6% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 20,491 shares of the business services provider’s stock valued at $1,067,000 after purchasing an additional 14,792 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in Shutterstock in the 4th quarter valued at $243,000. Crossmark Global Holdings Inc. purchased a new position in Shutterstock in the 4th quarter valued at $478,000. Finally, Exchange Traded Concepts LLC lifted its holdings in Shutterstock by 10.8% in the 4th quarter. Exchange Traded Concepts LLC now owns 17,906 shares of the business services provider’s stock valued at $1,284,000 after purchasing an additional 1,740 shares in the last quarter. 64.10% of the stock is currently owned by hedge funds and other institutional investors.

About Shutterstock

Shutterstock, Inc, a technology company, provides content, and tools and services in North America, Europe, and internationally. It 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, and 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 digital imagery.

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Analyst Recommendations for Shutterstock (NYSE:SSTK)

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