Shutterstock (NYSE:SSTK) Downgraded by Zacks Investment Research to Hold

Shutterstock (NYSE:SSTK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports.

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. “

SSTK has been the topic of a number of other reports. JMP Securities upped their price objective on Shutterstock from $72.00 to $85.00 and gave the company a “market outperform” rating in a report on Wednesday, October 28th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Shutterstock in a report on Wednesday, January 27th. Truist increased their target price on Shutterstock from $60.00 to $75.00 in a report on Wednesday, October 28th. Finally, Needham & Company LLC reissued a “positive” rating and set a $95.00 target price on shares of Shutterstock in a report on Friday, February 12th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $76.57.

Shares of NYSE SSTK opened at $90.26 on Tuesday. The stock’s fifty day moving average price is $71.74 and its two-hundred day moving average price is $62.95. Shutterstock has a one year low of $28.76 and a one year high of $94.17. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of 64.94, a P/E/G ratio of 2.05 and a beta of 1.05.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings data on Thursday, February 11th. The business services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.43. Shutterstock had a return on equity of 15.13% and a net margin of 7.70%. As a group, research analysts expect that Shutterstock will post 1.77 EPS for the current year.

In related news, Chairman Jonathan Oringer sold 13,482 shares of the company’s stock in a transaction on Wednesday, February 3rd. The stock was sold at an average price of $67.10, for a total transaction of $904,642.20. Following the completion of the sale, the chairman now directly owns 13,464,824 shares in the company, valued at approximately $903,489,690.40. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last 90 days, insiders have sold 128,556 shares of company stock valued at $8,879,361. 46.80% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC raised its position in Shutterstock by 42.8% in the third quarter. Parallel Advisors LLC now owns 524 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 157 shares during the last quarter. LPL Financial LLC raised its position in shares of Shutterstock by 3.5% during the fourth quarter. LPL Financial LLC now owns 4,751 shares of the business services provider’s stock worth $341,000 after acquiring an additional 160 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of Shutterstock by 1.5% during the fourth quarter. New York State Common Retirement Fund now owns 19,800 shares of the business services provider’s stock worth $1,420,000 after acquiring an additional 300 shares during the last quarter. Swiss National Bank raised its position in shares of Shutterstock by 0.9% during the fourth quarter. Swiss National Bank now owns 45,000 shares of the business services provider’s stock worth $3,227,000 after acquiring an additional 400 shares during the last quarter. Finally, Advisory Services Network LLC raised its position in shares of Shutterstock by 628.0% during the fourth quarter. Advisory Services Network LLC now owns 546 shares of the business services provider’s stock worth $39,000 after acquiring an additional 471 shares during the last quarter. Hedge funds and other institutional investors own 64.10% of the company’s stock.

Shutterstock Company Profile

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.

Further Reading: Different Options Trading Strategies

Get a free copy of the Zacks research report on Shutterstock (SSTK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Shutterstock (NYSE:SSTK)

Receive News & Ratings for Shutterstock Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shutterstock and related companies with MarketBeat.com's FREE daily email newsletter.