Shutterstock, Inc. (NYSE:SSTK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday, November 4th. The firm presently has a $42.00 price target on the business services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 1.08% from the company’s previous close.
According to Zacks, “Shutterstock, Inc. is a global marketplace for digital imagery. It provides licensed photographs, vectors, illustrations and videos to businesses, marketing agencies and media organizations around the world. The Company’s online marketplace provides a freely searchable library of commercial digital images that the users can pay to license, download and incorporate into their work. Shutterstock, Inc. is headquartered in New York. “
A number of other brokerages have also recently issued reports on SSTK. BidaskClub cut Shutterstock from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. TheStreet cut Shutterstock from a “b-” rating to a “c” rating in a research report on Friday, July 7th. Jefferies Group LLC upped their target price on Shutterstock from $30.00 to $34.00 and gave the company an “underperform” rating in a research report on Wednesday, November 1st. Deutsche Bank AG decreased their price objective on Shutterstock from $41.00 to $33.00 and set a “hold” rating for the company in a research report on Thursday, August 3rd. Finally, Cantor Fitzgerald reaffirmed a “hold” rating and set a $40.00 price objective on shares of Shutterstock in a research report on Tuesday, October 31st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $39.17.
Shutterstock (NYSE:SSTK) last announced its earnings results on Tuesday, October 31st. The business services provider reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01. The firm had revenue of $141.10 million during the quarter, compared to analysts’ expectations of $133.24 million. Shutterstock had a return on equity of 9.71% and a net margin of 4.58%. The business’s revenue was up 14.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.40 EPS. research analysts expect that Shutterstock will post 0.69 earnings per share for the current fiscal year.
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In other Shutterstock news, insider Jeffrey Kane Weiser sold 4,449 shares of the stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $38.00, for a total transaction of $169,062.00. Following the completion of the sale, the insider now directly owns 30,500 shares of the company’s stock, valued at approximately $1,159,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 47.30% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of the company. Jackson Square Partners LLC raised its stake in shares of Shutterstock by 11.1% during the 2nd quarter. Jackson Square Partners LLC now owns 2,493,419 shares of the business services provider’s stock worth $109,909,000 after buying an additional 250,067 shares in the last quarter. BlackRock Inc. raised its stake in shares of Shutterstock by 140,371.5% during the 1st quarter. BlackRock Inc. now owns 2,286,876 shares of the business services provider’s stock worth $94,562,000 after buying an additional 2,285,248 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Shutterstock by 0.3% during the 2nd quarter. Vanguard Group Inc. now owns 1,674,695 shares of the business services provider’s stock worth $73,821,000 after buying an additional 5,258 shares in the last quarter. Van Berkom & Associates Inc. raised its stake in shares of Shutterstock by 24.1% during the 3rd quarter. Van Berkom & Associates Inc. now owns 1,580,964 shares of the business services provider’s stock worth $52,630,000 after buying an additional 307,357 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Shutterstock by 167.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 824,055 shares of the business services provider’s stock worth $36,323,000 after buying an additional 516,226 shares in the last quarter. 59.11% of the stock is owned by institutional investors and hedge funds.
Shutterstock, Inc (Shutterstock) is a global technology company that operates a two-sided marketplace for professionals to license content. The Company’s library of content includes digital imagery, which consists of 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, which consists of music tracks and sound effects and which is often used to complement digital imagery.
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