Shutterstock, Inc. (SSTK) Given Hold Rating at Cantor Fitzgerald

Cantor Fitzgerald reissued their hold rating on shares of Shutterstock, Inc. (NYSE:SSTK) in a research note issued to investors on Tuesday. The brokerage currently has a $40.00 price target on the business services provider’s stock.

“Better-than-expected 3Q; revenue & EBITDA 5.8%/7.9% above Street. Revenue increased 14% Y/Y ex FX to $141.1M, 5.8% above (StreetAccount) consensus of $133.3M, and EBITDA increased 1.0% Y/Y ex FX to $23.2M (16.4% margin), 7.9% above consensus’ $21.5M. Normalized EPS was $0.31 vs. the Street’s $0.27.”,” the firm’s analyst wrote.

A number of other analysts have also issued reports on the company. BidaskClub raised Shutterstock from a strong sell rating to a sell rating in a report on Saturday. Zacks Investment Research raised Shutterstock from a sell rating to a hold rating in a report on Wednesday, October 4th. ValuEngine lowered Shutterstock from a hold rating to a sell rating in a report on Friday, September 1st. Jefferies Group LLC lowered Shutterstock from a hold rating to an underperform rating and lowered their target price for the company from $50.00 to $30.00 in a report on Thursday, August 24th. Finally, SunTrust Banks, Inc. began coverage on Shutterstock in a report on Tuesday, August 15th. They issued a hold rating and a $36.00 target price on the stock. Three research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Shutterstock presently has a consensus rating of Hold and an average price target of $37.80.

Shares of Shutterstock (NYSE:SSTK) traded down 1.41% during trading on Tuesday, hitting $38.44. The company’s stock had a trading volume of 391,517 shares. The company has a market capitalization of $1.33 billion, a P/E ratio of 47.34 and a beta of 1.44. The firm’s 50 day moving average is $34.16 and its 200-day moving average is $39.48. Shutterstock has a 1-year low of $29.85 and a 1-year high of $57.57.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, October 31st. The business services provider reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.01. The firm had revenue of $141.10 million for the quarter, compared to analyst estimates of $133.24 million. Shutterstock had a return on equity of 11.08% and a net margin of 5.59%. The company’s revenue was up 14.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 EPS. Analysts forecast that Shutterstock will post $1.16 EPS for the current fiscal year.

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Hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. lifted its position in shares of Shutterstock by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 2,660 shares of the business services provider’s stock worth $117,000 after acquiring an additional 398 shares during the period. State of Alaska Department of Revenue lifted its position in shares of Shutterstock by 76.7% in the 2nd quarter. State of Alaska Department of Revenue now owns 3,728 shares of the business services provider’s stock worth $164,000 after acquiring an additional 1,618 shares during the period. Municipal Employees Retirement System of Michigan lifted its position in shares of Shutterstock by 2.6% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 4,410 shares of the business services provider’s stock worth $182,000 after acquiring an additional 110 shares during the period. Allen Investment Management LLC bought a new stake in shares of Shutterstock in the 2nd quarter worth approximately $242,000. Finally, BNP Paribas Arbitrage SA lifted its position in shares of Shutterstock by 53.1% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 6,000 shares of the business services provider’s stock worth $264,000 after acquiring an additional 2,081 shares during the period. Institutional investors own 61.83% of the company’s stock.

Shutterstock Company Profile

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.

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