Zacks Investment Research cut shares of Shutterstock (NYSE:SSTK) from a hold rating to a sell rating in a research note released on Friday morning, 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. “

Several other analysts have also issued reports on SSTK. ValuEngine upgraded Shutterstock from a sell rating to a hold rating in a report on Monday, August 12th. SunTrust Banks reiterated a hold rating and set a $44.00 target price on shares of Shutterstock in a report on Monday, August 5th.

Shares of Shutterstock stock opened at $38.17 on Friday. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of 36.35, a price-to-earnings-growth ratio of 2.53 and a beta of 1.19. The stock’s 50-day moving average is $35.83 and its 200-day moving average is $40.49. Shutterstock has a one year low of $31.77 and a one year high of $55.54.

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

Several institutional investors have recently bought and sold shares of the company. Atria Investments LLC acquired a new position in shares of Shutterstock in the second quarter valued at approximately $2,981,000. Nuveen Asset Management LLC acquired a new stake in Shutterstock during the second quarter worth approximately $3,365,000. UBS Asset Management Americas Inc. grew its position in Shutterstock by 9.1% during the second quarter. UBS Asset Management Americas Inc. now owns 15,668 shares of the business services provider’s stock worth $614,000 after buying an additional 1,307 shares in the last quarter. Jane Street Group LLC acquired a new stake in Shutterstock during the second quarter worth approximately $260,000. Finally, Cubist Systematic Strategies LLC grew its position in Shutterstock by 416.5% during the second quarter. Cubist Systematic Strategies LLC now owns 7,588 shares of the business services provider’s stock worth $297,000 after buying an additional 6,119 shares in the last quarter. 57.94% of the stock is currently owned by institutional investors.

About Shutterstock

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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