Zacks Investment Research Upgrades Shutterstock, Inc. (SSTK) to Buy

Shutterstock, Inc. (NYSE:SSTK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday. The firm presently has a $42.00 price target on the business services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 14.63% from the stock’s previous close.

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. “

Other analysts have also issued reports about the stock. Cantor Fitzgerald reiterated a “hold” rating and set a $40.00 target price on shares of Shutterstock in a research report on Tuesday, October 31st. BidaskClub lowered shares of Shutterstock from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. TheStreet lowered shares of Shutterstock from a “b-” rating to a “c” rating in a research report on Friday, July 7th. SunTrust Banks, Inc. began coverage on shares of Shutterstock in a research report on Tuesday, August 15th. They set a “hold” rating and a $36.00 target price on the stock. Finally, Jefferies Group LLC lifted their target price on shares of Shutterstock from $30.00 to $34.00 and gave the company an “underperform” rating in a research report on Wednesday, November 1st. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $39.17.

Shares of Shutterstock (NYSE:SSTK) opened at $36.64 on Friday. The stock has a market capitalization of $1,270.49, a PE ratio of 46.38 and a beta of 1.47.

Shutterstock (NYSE:SSTK) last issued its earnings results on Tuesday, October 31st. The business services provider reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.01. Shutterstock had a net margin of 4.58% and a return on equity of 9.71%. The business had revenue of $141.10 million for the quarter, compared to analyst estimates of $133.24 million. During the same period in the previous year, the business earned $0.40 EPS. The firm’s revenue was up 14.6% on a year-over-year basis. research analysts expect that Shutterstock will post 0.69 earnings per share for the current fiscal year.

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Hedge funds have recently made changes to their positions in the stock. Thrivent Financial For Lutherans lifted its holdings in Shutterstock by 1.8% during the 1st quarter. Thrivent Financial For Lutherans now owns 10,600 shares of the business services provider’s stock valued at $438,000 after purchasing an additional 190 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Shutterstock by 14.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 188,682 shares of the business services provider’s stock valued at $7,802,000 after purchasing an additional 24,421 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Shutterstock by 167.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 824,055 shares of the business services provider’s stock valued at $36,323,000 after purchasing an additional 516,226 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Shutterstock by 10.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 226,121 shares of the business services provider’s stock valued at $9,350,000 after purchasing an additional 21,140 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new position in Shutterstock during the 2nd quarter valued at about $284,000. 61.83% of the stock is owned by hedge funds and other 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.

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