Needham & Company LLC Reiterates “Buy” Rating for Shutterstock (NYSE:SSTK)

Shutterstock (NYSE:SSTK)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research report issued on Thursday, Benzinga reports. They currently have a $60.00 price objective on the business services provider’s stock. Needham & Company LLC’s price target suggests a potential upside of 52.91% from the stock’s previous close.

A number of other analysts also recently issued reports on SSTK. Truist Financial dropped their target price on shares of Shutterstock from $85.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. Morgan Stanley began coverage on Shutterstock in a report on Thursday, February 22nd. They set an “equal weight” rating and a $55.00 target price on the stock. Finally, StockNews.com lowered shares of Shutterstock from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Shutterstock presently has an average rating of “Moderate Buy” and a consensus target price of $62.50.

Shutterstock Stock Down 6.0 %

Shares of NYSE SSTK opened at $39.24 on Thursday. The stock has a market capitalization of $1.39 billion, a PE ratio of 15.21 and a beta of 1.13. The firm has a fifty day moving average of $45.32 and a 200-day moving average of $45.05. Shutterstock has a 52-week low of $33.80 and a 52-week high of $58.42.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.13. The firm had revenue of $217.22 million during the quarter, compared to the consensus estimate of $224.04 million. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. Equities research analysts expect that Shutterstock will post 3.13 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider John Caine sold 1,974 shares of the business’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $43.30, for a total transaction of $85,474.20. Following the completion of the sale, the insider now owns 7,413 shares of the company’s stock, valued at approximately $320,982.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 12,853 shares of company stock valued at $575,630 over the last 90 days. 32.30% of the stock is owned by company insiders.

Institutional Trading of Shutterstock

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Shutterstock by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 2,894,111 shares of the business services provider’s stock valued at $110,121,000 after purchasing an additional 14,197 shares during the period. Copeland Capital Management LLC raised its stake in Shutterstock by 37.3% during the 4th quarter. Copeland Capital Management LLC now owns 1,394,278 shares of the business services provider’s stock valued at $67,316,000 after acquiring an additional 378,450 shares in the last quarter. LSV Asset Management lifted its holdings in Shutterstock by 46.3% in the fourth quarter. LSV Asset Management now owns 1,370,843 shares of the business services provider’s stock worth $66,184,000 after purchasing an additional 433,906 shares during the period. Trigran Investments Inc. increased its stake in Shutterstock by 15.5% during the 4th quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock valued at $58,647,000 after buying an additional 163,268 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Shutterstock by 32.9% during the 3rd quarter. Wellington Management Group LLP now owns 944,543 shares of the business services provider’s stock worth $35,940,000 after buying an additional 234,030 shares in the last quarter. Institutional investors own 82.79% of the company’s stock.

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.