Shutterstock (NYSE:SSTK) PT Lowered to $50.00 at Morgan Stanley

Shutterstock (NYSE:SSTK) had its price objective lowered by research analysts at Morgan Stanley from $58.00 to $50.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the business services provider’s stock. Morgan Stanley’s target price suggests a potential upside of 68.18% from the company’s previous close.

A number of other brokerages have also recently commented on SSTK. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price objective on shares of Shutterstock in a research note on Tuesday, August 6th. StockNews.com upgraded shares of Shutterstock from a “hold” rating to a “buy” rating in a report on Tuesday, October 1st.

Shutterstock Trading Down 2.0 %

SSTK traded down $0.61 during trading on Monday, hitting $29.73. 276,007 shares of the company traded hands, compared to its average volume of 504,610. Shutterstock has a 1 year low of $29.26 and a 1 year high of $54.40. The company has a market cap of $1.05 billion, a PE ratio of 22.73 and a beta of 1.09. The stock’s 50-day simple moving average is $33.91 and its two-hundred day simple moving average is $37.87.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The business had revenue of $220.05 million during the quarter, compared to analysts’ expectations of $213.44 million. During the same period in the previous year, the business earned $0.76 earnings per share. The business’s quarterly revenue was up 5.4% on a year-over-year basis. Equities analysts expect that Shutterstock will post 2.99 EPS for the current year.

Institutional Investors Weigh In On Shutterstock

A number of hedge funds have recently modified their holdings of SSTK. TD Asset Management Inc grew its holdings in shares of Shutterstock by 74.1% in the first quarter. TD Asset Management Inc now owns 1,578,386 shares of the business services provider’s stock valued at $72,306,000 after purchasing an additional 671,995 shares during the period. LSV Asset Management boosted its stake in Shutterstock by 30.9% during the first quarter. LSV Asset Management now owns 1,793,785 shares of the business services provider’s stock worth $82,173,000 after buying an additional 422,942 shares during the period. Rubric Capital Management LP purchased a new position in shares of Shutterstock in the second quarter valued at approximately $14,769,000. Epoch Investment Partners Inc. boosted its stake in shares of Shutterstock by 68.8% in the first quarter. Epoch Investment Partners Inc. now owns 884,148 shares of the business services provider’s stock valued at $40,503,000 after purchasing an additional 360,415 shares during the period. Finally, Invenomic Capital Management LP boosted its stake in shares of Shutterstock by 30.9% in the first quarter. Invenomic Capital Management LP now owns 594,475 shares of the business services provider’s stock valued at $27,233,000 after purchasing an additional 140,339 shares during the period. Hedge funds and other 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.