StockNews.com Initiates Coverage on Shutterstock (NYSE:SSTK)

Research analysts at StockNews.com assumed coverage on shares of Shutterstock (NYSE:SSTK) in a research note issued to investors on Tuesday. The brokerage set a “hold” rating on the business services provider’s stock.

SSTK has been the topic of several other reports. Morgan Stanley decreased their target price on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, October 21st. Needham & Company LLC decreased their price objective on Shutterstock from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Truist Financial reduced their target price on Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Finally, JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $50.33.

Shutterstock Stock Down 1.3 %

SSTK stock opened at $29.56 on Tuesday. The stock has a market capitalization of $1.03 billion, a P/E ratio of 28.98 and a beta of 1.08. Shutterstock has a 52 week low of $27.30 and a 52 week high of $54.40. The firm has a 50-day simple moving average of $30.70 and a 200-day simple moving average of $32.63. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23.

Institutional Investors Weigh In On Shutterstock

A number of large investors have recently modified their holdings of the company. Villanova Investment Management Co LLC acquired a new position in Shutterstock in the fourth quarter valued at approximately $2,269,000. National Bank of Canada FI grew its position in shares of Shutterstock by 76.1% in the 4th quarter. National Bank of Canada FI now owns 16,814 shares of the business services provider’s stock valued at $510,000 after buying an additional 7,265 shares during the last quarter. Franklin Resources Inc. lifted its position in Shutterstock by 50.6% in the fourth quarter. Franklin Resources Inc. now owns 23,209 shares of the business services provider’s stock valued at $704,000 after acquiring an additional 7,796 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Shutterstock in the fourth quarter valued at $9,903,000. Finally, Tieton Capital Management LLC grew its holdings in shares of Shutterstock by 73.3% during the fourth quarter. Tieton Capital Management LLC now owns 283,700 shares of the business services provider’s stock worth $8,610,000 after purchasing an additional 120,025 shares during the last quarter. 82.79% of the stock is owned by hedge funds and other institutional investors.

Shutterstock Company Profile

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.