Shutterstock (NYSE:SSTK) Price Target Lowered to $56.00 at Truist Financial

Shutterstock (NYSE:SSTK) had its price objective cut by analysts at Truist Financial from $65.00 to $56.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the business services provider’s stock. Truist Financial’s price target suggests a potential upside of 72.47% from the stock’s current price.

Several other research analysts have also commented on the stock. StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a report on Tuesday, October 1st. Morgan Stanley cut their price target on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, October 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 target price on shares of Shutterstock in a research note on Tuesday.

Shutterstock Stock Performance

Shares of NYSE:SSTK traded down $0.40 during trading on Wednesday, reaching $32.47. 305,706 shares of the stock were exchanged, compared to its average volume of 513,310. Shutterstock has a 12-month low of $28.95 and a 12-month high of $54.40. The firm’s 50-day moving average price is $33.09 and its 200 day moving average price is $37.23. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 24.78 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.01). The business had revenue of $220.05 million for the quarter, compared to analysts’ expectations of $213.44 million. Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.76 earnings per share. As a group, equities research analysts forecast that Shutterstock will post 2.99 EPS for the current year.

Institutional Investors Weigh In On Shutterstock

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its position in shares of Shutterstock by 31,733.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider’s stock worth $37,000 after purchasing an additional 952 shares during the period. 1620 Investment Advisors Inc. acquired a new position in shares of Shutterstock in the second quarter worth about $41,000. Truvestments Capital LLC purchased a new position in shares of Shutterstock in the first quarter worth approximately $42,000. Quarry LP raised its holdings in shares of Shutterstock by 313.0% during the second quarter. Quarry LP now owns 1,111 shares of the business services provider’s stock valued at $43,000 after acquiring an additional 842 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in shares of Shutterstock by 69.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock valued at $79,000 after acquiring an additional 838 shares in the last quarter. Institutional investors and hedge funds 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.