Zacks Upgrades Shutterstock to "Hold" (SSTK)

Shutterstock (NYSE:SSTK) was upgraded by Zacks from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, AnalystRatingsNetwork.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. “

SSTK has been the subject of several other research reports. RBC Capital restated an “outperform” rating and set a $86.00 target price on shares of Shutterstock in a report on Wednesday, June 17th. Cantor Fitzgerald reiterated a “buy” rating and issued a $100.00 price target on shares of Shutterstock in a research note on Wednesday, June 17th. Morgan Stanley started coverage on shares of Shutterstock in a research report on Tuesday, July 14th. They issued an “underweight” rating and a $40.00 price objective on the stock. Jefferies Group lowered shares of Shutterstock from a “buy” rating to a “hold” rating and lowered their price target for the stock from $90.00 to $39.00 in a research report on Friday, August 7th. Finally, William Blair downgraded shares of Shutterstock from an “outperform” rating to a “market perform” rating in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. Shutterstock presently has a consensus rating of “Hold” and an average price target of $64.70.

Shares of Shutterstock (NYSE:SSTK) traded down 1.15% on Wednesday, reaching $33.65. 415,557 shares of the company traded hands. The stock has a 50 day moving average of $31.80 and a 200 day moving average of $52.64. Shutterstock has a 52-week low of $28.96 and a 52-week high of $84.06. The stock has a market cap of $1.21 billion and a price-to-earnings ratio of 58.12.

Shutterstock (NYSE:SSTK) last issued its earnings results on Thursday, August 6th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.01. The firm earned $104.40 million during the quarter, compared to the consensus estimate of $105.36 million. During the same period in the previous year, the company posted $0.25 EPS. The firm’s revenue for the quarter was up 30.1% on a year-over-year basis. On average, analysts expect that Shutterstock will post $1.16 earnings per share for the current year.

In related news, CEO Jonathan Oringer acquired 100,000 shares of the stock in a transaction dated Friday, August 28th. The stock was bought at an average price of $34.02 per share, for a total transaction of $3,402,000.00. Following the purchase, the chief executive officer now directly owns 16,256,327 shares of the company’s stock, valued at approximately $553,040,244.54. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Shutterstock, Inc. (NYSE:SSTK) runs a global market for commercial digital content, including images, video and music. The commercial digital imagery of the Company’s includes accredited photographs, illustrations and video clips that companies use inside their visual communications, for example publications, print and digital marketing materials, corporate communications, novels, Websites and video content while commercial music includes music tracks. The need for commercial digital vision and music comes from businesses, marketing agencies and media organizations. It reaches new customers through a group of marketing channels, including on-line display advertising, print advertising, tradeshows, email marketing, direct mail, online affiliate marketing, public relations, social media and ventures. The online market of the Company’s provides a searchable assortment of music and commercial digital imagery that its users can pay to license, download and incorporate into their work.

To get a free copy of the research report on Shutterstock (SSTK), click here. For more information about research offerings from Zacks Investment Research, visit Zacks.com

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Zacks Upgrades Shutterstock to "Hold" (SSTK)