SunTrust Banks reaffirmed their hold rating on shares of Shutterstock (NYSE:SSTK) in a report released on Thursday morning, AnalystRatings.com reports. They currently have a $44.00 price objective on the business services provider’s stock.
“We maintain a Hold on the back of mixed 1Q19 results, reflecting continued weakness in Enterprise, but an acceleration in ecom and solid cost mgt. We view the continued acceleration in ecom as a positive, as we favor this segment line over Enterprise given its self-serve/more scalable nature. On the flip side, it seems that Enterprise is working through a transition still, made more difficult by competitive pressures. Our confidence in mgt’s ability to achieve its FY19 guidance, which calls for growth re-acceleration, is low given weakness in Enterprise, exposure to Europe, and competition.”,” the firm’s analyst commented.
Separately, Zacks Investment Research upgraded shares of Shutterstock from a sell rating to a hold rating in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The company currently has a consensus rating of Hold and an average price target of $41.00.
Shares of Shutterstock stock traded down $0.29 on Thursday, hitting $41.76. The company’s stock had a trading volume of 254,897 shares, compared to its average volume of 189,767. Shutterstock has a 52-week low of $31.77 and a 52-week high of $55.76. The firm has a market capitalization of $1.46 billion, a PE ratio of 39.77, a P/E/G ratio of 1.61 and a beta of 1.30.
Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Thursday, April 25th. The business services provider reported $0.25 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.04). Shutterstock had a return on equity of 12.99% and a net margin of 4.68%. The business had revenue of $163.33 million during the quarter, compared to analysts’ expectations of $166.80 million. During the same quarter in the prior year, the firm earned $0.92 earnings per share. Shutterstock’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, research analysts forecast that Shutterstock will post 1.08 earnings per share for the current fiscal year.
In other news, insider Martin Brodbeck sold 5,677 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $46.48, for a total transaction of $263,866.96. Following the transaction, the insider now directly owns 41,619 shares in the company, valued at approximately $1,934,451.12. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 47.20% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the company. Redmond Asset Management LLC grew its position in Shutterstock by 1.9% in the first quarter. Redmond Asset Management LLC now owns 12,972 shares of the business services provider’s stock valued at $605,000 after acquiring an additional 237 shares in the last quarter. Thrivent Financial for Lutherans grew its position in Shutterstock by 2.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 13,224 shares of the business services provider’s stock valued at $476,000 after acquiring an additional 290 shares in the last quarter. Bronfman E.L. Rothschild L.P. grew its position in Shutterstock by 56.6% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 855 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 309 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Shutterstock by 56.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,324 shares of the business services provider’s stock worth $48,000 after buying an additional 476 shares in the last quarter. Finally, Texas Permanent School Fund grew its position in shares of Shutterstock by 4.2% during the fourth quarter. Texas Permanent School Fund now owns 12,152 shares of the business services provider’s stock worth $438,000 after buying an additional 492 shares in the last quarter. Institutional investors and hedge funds own 56.57% of the company’s stock.
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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