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

Shutterstock (NYSE:SSTK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, 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. “

A number of other equities research analysts have also weighed in on SSTK. SunTrust Banks reaffirmed a “hold” rating and set a $44.00 target price on shares of Shutterstock in a research report on Monday, August 5th. ValuEngine raised Shutterstock from a “sell” rating to a “hold” rating in a research report on Monday, August 12th.

Shares of SSTK stock traded down $0.28 on Tuesday, reaching $34.63. 2,971 shares of the company’s stock were exchanged, compared to its average volume of 250,986. Shutterstock has a 52 week low of $31.77 and a 52 week high of $55.76. The stock has a market capitalization of $1.22 billion, a PE ratio of 33.09, a P/E/G ratio of 2.35 and a beta of 1.11. The company’s fifty day simple moving average is $37.62 and its 200 day simple moving average is $41.30.

Shutterstock (NYSE:SSTK) last issued its earnings results on Tuesday, August 6th. The business services provider reported $0.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.02. The business had revenue of $161.74 million during the quarter, compared to analyst estimates of $171.93 million. Shutterstock had a return on equity of 13.64% and a net margin of 5.19%. Shutterstock’s revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.30 EPS. Equities analysts predict that Shutterstock will post 0.62 EPS for the current year.

In other Shutterstock news, Director Deirdre Mary Bigley sold 1,592 shares of Shutterstock stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $39.41, for a total transaction of $62,740.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 46.80% of the company’s stock.

Several large investors have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Shutterstock by 2.3% in the 2nd quarter. BlackRock Inc. now owns 2,787,236 shares of the business services provider’s stock valued at $109,232,000 after acquiring an additional 63,496 shares during the period. Vanguard Group Inc. increased its holdings in shares of Shutterstock by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 2,087,878 shares of the business services provider’s stock valued at $81,824,000 after acquiring an additional 62,536 shares during the period. Clearbridge Investments LLC increased its holdings in shares of Shutterstock by 7.5% in the 1st quarter. Clearbridge Investments LLC now owns 1,159,728 shares of the business services provider’s stock valued at $54,078,000 after acquiring an additional 80,587 shares during the period. Bernzott Capital Advisors increased its holdings in shares of Shutterstock by 0.5% in the 2nd quarter. Bernzott Capital Advisors now owns 898,847 shares of the business services provider’s stock valued at $35,226,000 after acquiring an additional 4,028 shares during the period. Finally, Rice Hall James & Associates LLC increased its holdings in shares of Shutterstock by 6.4% in the 1st quarter. Rice Hall James & Associates LLC now owns 761,090 shares of the business services provider’s stock valued at $35,490,000 after acquiring an additional 45,803 shares during the period. Institutional investors and hedge funds own 56.86% of the company’s stock.

Shutterstock Company Profile

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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