Shutterstock (NYSE: SSTK – Get a rating) had its target price lowered by Needham & Company LLC equity research analysts from $115.00 to $100.00 in a research note released Wednesday to investors, Fly reports. Needham & Company LLC’s price target indicates a potential upside of 33.82% from the company’s current price.
Several other brokerages have also recently weighed in on SSTK. StockNews.com began covering Shutterstock shares in a research note on Thursday, March 31. They issued a “buy” rating for the company. Zacks Investment Research downgraded Shutterstock’s shares from a “buy” to a “hold” rating in a Thursday, Feb. 17 research note. One equity research analyst gave the stock a hold rating and four gave the stock a buy rating. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $118.75.
Shares of SSTK Action opened at $74.73 on Wednesday. The company has a market capitalization of $2.73 billion, a price/earnings ratio of 30.38, a PEG ratio of 9.02 and a beta of 1.18. The company’s 50-day moving average is $88.40 and its 200-day moving average is $101.45. Shutterstock has a 52-week low of $73.41 and a 52-week high of $128.36.
Shutterstock (NYSE: SSTK – Get a rating) last released its quarterly earnings data on Tuesday, April 26. The business services provider reported earnings per share (EPS) of $1.00 for the quarter, beating Thomson Reuters consensus estimate of $0.86 by $0.14. The company posted revenue of $199.10 million for the quarter, versus analyst estimates of $202.01 million. Shutterstock had a net margin of 11.88% and a return on equity of 22.08%. Shutterstock’s revenue increased 8.6% compared to the same quarter last year. During the same period last year, the company posted earnings per share of $0.81. On average, analysts expect Shutterstock to post an EPS of 2.49 for the current fiscal year.
In other Shutterstock news, CAO Steven Ciardiello sold 1,557 shares of Shutterstock in a trade on Wednesday, March 9. The shares were sold at an average price of $88.78, for a total value of $138,230.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, available at this hyperlink. Also, President Jonathan Oringer sold 30,873 shares of the company in a transaction dated Wednesday, February 9. The stock was sold at an average price of $93.72, for a total transaction of $2,893,417.56. Disclosure of this sale can be found here. Insiders sold 208,229 shares of the company valued at $18,885,608 during the last quarter. Insiders hold 37.40% of the shares of the company.
Several hedge funds have recently increased or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Shutterstock by 6.8% during the fourth quarter. BlackRock Inc. now owns 3,858,568 shares of the business services provider worth $427,838,000 after buying an additional 246,016 shares last quarter. Conestoga Capital Advisors LLC increased its position in Shutterstock by 94.3% during the first quarter. Conestoga Capital Advisors LLC now owns 1,087,633 shares of the business services provider worth $101,237,000 after acquiring an additional 527,928 shares in the last quarter. Invesco Ltd. increased its position in Shutterstock by 108.1% in the third quarter. Invesco Ltd. now owns 809,001 shares of the business services provider worth $91,677,000 after acquiring an additional 420,303 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Shutterstock by 0.6% during the third quarter. Dimensional Fund Advisors LP now owns 794,684 shares of the business services provider worth $90,056,000 after acquiring an additional 5,020 shares in the last quarter. Finally, Copeland Capital Management LLC increased its position in Shutterstock by 8.6% during the first quarter. Copeland Capital Management LLC now owns 575,601 shares of the business services provider worth $53,577,000 after acquiring an additional 45,421 shares in the last quarter. 65.41% of the shares are held by institutional investors and hedge funds.
Shutterstock Company Profile (Get a rating)
Shutterstock, Inc, a technology company, provides quality content and creative workflow solutions in North America, Europe and internationally. It offers image services consisting of photography, vector and illustration, which are used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications and others ; footage services, including music videos, shot by industry experts and cinema-quality video effects, and HD and 4K formats that are integrated into websites, social media, marketing campaigns and film productions; and music services featuring music tracks and sound effects, which are used to complement images and footage.
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