Shutterstock (NYSE:SSTK) Price Target Cut to $65.00

Shutterstock (NYSE:SSTK) had its price objective lowered by equities research analysts at Truist Financial from $70.00 to $65.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the business services provider’s stock. Truist Financial’s price target suggests a potential upside of 65.61% from the stock’s previous close.

Several other equities research analysts have also weighed in on SSTK. StockNews.com lowered Shutterstock from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 29th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Shutterstock in a report on Thursday. Finally, Morgan Stanley initiated coverage on Shutterstock in a research note on Thursday, February 22nd. They issued an “equal weight” rating and a $55.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Shutterstock presently has an average rating of “Moderate Buy” and an average target price of $61.25.

Shutterstock Stock Performance

Shares of SSTK opened at $39.25 on Monday. The business has a 50-day moving average of $45.32 and a 200 day moving average of $45.14. Shutterstock has a fifty-two week low of $33.80 and a fifty-two week high of $58.42. The firm has a market cap of $1.41 billion, a P/E ratio of 15.21 and a beta of 1.13.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Wednesday, February 21st. The business services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.13. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. The company had revenue of $217.22 million during the quarter, compared to analyst estimates of $224.04 million. As a group, research analysts predict that Shutterstock will post 3.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider John Caine sold 5,439 shares of Shutterstock stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $42.91, for a total transaction of $233,387.49. Following the completion of the sale, the insider now owns 1,974 shares in the company, valued at approximately $84,704.34. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 32.30% of the stock is owned by corporate insiders.

Institutional Trading of Shutterstock

A number of large investors have recently modified their holdings of the business. LSV Asset Management raised its holdings in shares of Shutterstock by 3,416.1% during the 3rd quarter. LSV Asset Management now owns 936,937 shares of the business services provider’s stock valued at $35,650,000 after buying an additional 910,290 shares in the last quarter. TD Asset Management Inc raised its holdings in shares of Shutterstock by 469.3% during the 4th quarter. TD Asset Management Inc now owns 906,391 shares of the business services provider’s stock valued at $43,761,000 after buying an additional 747,180 shares in the last quarter. Trigran Investments Inc. raised its holdings in shares of Shutterstock by 171.7% during the 3rd quarter. Trigran Investments Inc. now owns 1,051,458 shares of the business services provider’s stock valued at $40,008,000 after buying an additional 664,522 shares in the last quarter. Brown Advisory Inc. purchased a new position in shares of Shutterstock during the 4th quarter valued at about $21,242,000. Finally, Copeland Capital Management LLC raised its holdings in shares of 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 buying an additional 378,450 shares in the last quarter. Institutional investors own 82.79% of the company’s stock.

About Shutterstock

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.