Shutterstock (SSTK) Upgraded to “Hold” by Zacks Investment Research

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Shutterstock (NYSE:SSTK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Shutterstock, Inc. is a global marketplace for digital imagery. It provides licensed photographs, vectors, illustrations and videos to businesses, marketing agencies and media organizations around the world. The Company’s online marketplace provides a freely searchable library of commercial digital images that the users can pay to license, download and incorporate into their work. Shutterstock, Inc. is headquartered in New York. “

Separately, SunTrust Banks reaffirmed a “hold” rating and set a $44.00 price objective on shares of Shutterstock in a research note on Thursday, April 25th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Shutterstock has a consensus rating of “Hold” and a consensus price target of $41.00.

Shares of NYSE SSTK traded up $0.33 during midday trading on Wednesday, hitting $40.81. The stock had a trading volume of 27,971 shares, compared to its average volume of 220,772. Shutterstock has a fifty-two week low of $31.77 and a fifty-two week high of $55.76. The stock has a market capitalization of $1.42 billion, a P/E ratio of 38.87, a price-to-earnings-growth ratio of 1.43 and a beta of 1.22.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Thursday, April 25th. The business services provider reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04). Shutterstock had a return on equity of 12.99% and a net margin of 4.68%. The company had revenue of $163.33 million for the quarter, compared to analyst estimates of $166.80 million. During the same period last year, the firm earned $0.92 earnings per share. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. As a group, equities research analysts forecast that Shutterstock will post 1.13 earnings per share for the current year.

In other Shutterstock news, Director Thomas R. Evans sold 2,500 shares of the business’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $40.29, for a total value of $100,725.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Martin Brodbeck sold 5,677 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $46.48, for a total value of $263,866.96. Following the completion of the transaction, the insider now directly owns 41,619 shares of the company’s stock, valued at $1,934,451.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,289 shares of company stock valued at $579,296. Insiders own 47.20% of the company’s stock.

Large investors have recently bought and sold shares of the business. Norges Bank bought a new stake in Shutterstock during the fourth quarter worth about $15,654,000. Clearbridge Investments LLC grew its position in shares of Shutterstock by 50.9% in the third quarter. Clearbridge Investments LLC now owns 1,005,985 shares of the business services provider’s stock valued at $54,907,000 after purchasing an additional 339,339 shares during the last quarter. Bernzott Capital Advisors grew its position in shares of Shutterstock by 24.9% in the fourth quarter. Bernzott Capital Advisors now owns 888,054 shares of the business services provider’s stock valued at $31,979,000 after purchasing an additional 177,270 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Shutterstock by 31.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 719,341 shares of the business services provider’s stock valued at $25,903,000 after purchasing an additional 172,859 shares during the last quarter. Finally, Morgan Stanley grew its position in shares of Shutterstock by 48.1% in the third quarter. Morgan Stanley now owns 509,252 shares of the business services provider’s stock valued at $27,794,000 after purchasing an additional 165,427 shares during the last quarter. 56.55% of the stock is owned by hedge funds and other institutional investors.

About Shutterstock

Shutterstock, Inc provides digital content, and tools and services in North America, Europe, and internationally. It offers digital imagery services that include licensed photographs, vectors, illustrations, and video clips, which is used in visual communications, such as Websites, digital and print marketing materials, corporate communications, books, publications, and video content; and music services comprising music tracks and sound effects that are used to complement digital imagery.

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