Truist Financial Trims Shutterstock (NYSE:SSTK) Target Price to $65.00

Shutterstock (NYSE:SSTK) had its target price cut by equities research analysts at Truist Financial from $70.00 to $65.00 in a report released on Monday, Benzinga reports. The firm presently has a “buy” rating on the business services provider’s stock. Truist Financial’s price target indicates a potential upside of 65.39% from the stock’s previous close.

A number of other research firms have also weighed in on SSTK. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Shutterstock in a research report on Thursday, May 2nd. StockNews.com lowered shares of Shutterstock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 29th. Finally, Morgan Stanley initiated coverage on Shutterstock in a report on Thursday, February 22nd. They issued an “equal weight” rating and a $55.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.25.

Shutterstock Stock Performance

Shares of SSTK stock opened at $39.30 on Monday. The company has a market capitalization of $1.41 billion, a PE ratio of 15.23 and a beta of 1.13. The business’s fifty day moving average is $45.03 and its 200 day moving average is $45.19. Shutterstock has a 52-week low of $33.80 and a 52-week high of $58.42.

Shutterstock (NYSE:SSTK) last issued its earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.13. The business had revenue of $217.22 million during the quarter, compared to analyst estimates of $224.04 million. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. On average, sell-side analysts forecast that Shutterstock will post 3.13 EPS for the current fiscal year.

Insider Activity at Shutterstock

In related news, insider John Caine sold 1,974 shares of Shutterstock stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $43.30, for a total transaction of $85,474.20. Following the completion of the transaction, the insider now directly owns 7,413 shares in the company, valued at $320,982.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 32.30% of the stock is currently owned by insiders.

Institutional Trading of Shutterstock

Several large investors have recently made changes to their positions in the company. SRS Capital Advisors Inc. increased its holdings in shares of Shutterstock by 433.3% in the fourth quarter. SRS Capital Advisors Inc. now owns 592 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 481 shares during the last quarter. Fifth Third Bancorp grew its position in Shutterstock by 48.7% in the fourth quarter. Fifth Third Bancorp now owns 883 shares of the business services provider’s stock worth $43,000 after acquiring an additional 289 shares during the period. First Horizon Advisors Inc. increased its stake in Shutterstock by 58.5% during the fourth quarter. First Horizon Advisors Inc. now owns 894 shares of the business services provider’s stock worth $43,000 after acquiring an additional 330 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Shutterstock by 317.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,170 shares of the business services provider’s stock valued at $56,000 after purchasing an additional 890 shares during the period. Finally, Covestor Ltd grew its holdings in shares of Shutterstock by 77.2% during the 3rd quarter. Covestor Ltd now owns 2,327 shares of the business services provider’s stock worth $88,000 after purchasing an additional 1,014 shares during the period. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

About Shutterstock

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.