Brokerages Set Shutterstock, Inc. (NYSE:SSTK) Price Target at $44.00

Shares of Shutterstock, Inc. (NYSE:SSTK) have earned an average rating of “Hold” from the ten brokerages that are covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $44.00.

SSTK has been the subject of a number of analyst reports. TheStreet downgraded shares of Shutterstock from a “b-” rating to a “c” rating in a research report on Friday, July 7th. Zacks Investment Research raised shares of Shutterstock from a “sell” rating to a “hold” rating in a research report on Tuesday, May 2nd. Jefferies Group LLC reissued a “hold” rating and issued a $50.00 price objective on shares of Shutterstock in a research report on Monday, May 8th. Royal Bank Of Canada reissued a “hold” rating and issued a $50.00 price objective on shares of Shutterstock in a research report on Friday, April 21st. Finally, BidaskClub downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Monday, July 24th.

Shutterstock (NYSE SSTK) traded up 1.46% during trading on Friday, reaching $34.14. 512,824 shares of the company’s stock traded hands. The firm’s 50 day moving average is $43.20 and its 200 day moving average is $45.18. Shutterstock has a 12 month low of $32.84 and a 12 month high of $65.16. The company has a market cap of $1.18 billion, a P/E ratio of 42.04 and a beta of 1.40.

Shutterstock (NYSE:SSTK) last released its earnings results on Wednesday, August 2nd. The business services provider reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by $0.12. The business had revenue of $134 million during the quarter, compared to the consensus estimate of $137.83 million. Shutterstock had a net margin of 5.59% and a return on equity of 11.08%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period last year, the business posted $0.36 EPS. Analysts anticipate that Shutterstock will post $1.23 EPS for the current year.

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Hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp increased its position in shares of Shutterstock by 6.9% in the fourth quarter. State Street Corp now owns 406,439 shares of the business services provider’s stock worth $19,319,000 after buying an additional 26,101 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Shutterstock by 20.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 204,981 shares of the business services provider’s stock worth $9,741,000 after buying an additional 35,272 shares during the period. Norges Bank purchased a new position in shares of Shutterstock during the fourth quarter worth approximately $8,916,000. Teachers Advisors LLC increased its position in shares of Shutterstock by 1.6% in the fourth quarter. Teachers Advisors LLC now owns 32,069 shares of the business services provider’s stock worth $1,524,000 after buying an additional 513 shares during the period. Finally, Fox Run Management L.L.C. increased its position in shares of Shutterstock by 28.7% in the first quarter. Fox Run Management L.L.C. now owns 6,563 shares of the business services provider’s stock worth $271,000 after buying an additional 1,463 shares during the period. 60.56% of the stock is owned by institutional investors.

About Shutterstock

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.

Analyst Recommendations for Shutterstock (NYSE:SSTK)

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