Shutterstock (NYSE:SSTK) Rating Lowered to “Strong Sell” at Zacks Research

Shutterstock (NYSE:SSTK) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other research analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of Shutterstock from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. Weiss Ratings downgraded shares of Shutterstock from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 4th. Finally, Citigroup upgraded shares of Shutterstock from a “neutral” rating to a “buy” rating and set a $7.00 price objective on the stock in a research report on Friday, June 5th. One analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $7.00.

Shutterstock Stock Down 0.7%

Shares of Shutterstock stock opened at $14.37 on Thursday. The company has a market cap of $527.99 million, a price-to-earnings ratio of -24.78 and a beta of 1.07. The company’s 50 day moving average is $16.14 and its 200 day moving average is $17.42. Shutterstock has a twelve month low of $12.78 and a twelve month high of $29.50. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.22.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its position in Shutterstock by 6.9% in the first quarter. Bank of America Corp DE now owns 303,539 shares of the business services provider’s stock worth $5,042,000 after acquiring an additional 19,515 shares during the period. Empowered Funds LLC bought a new position in Shutterstock in the first quarter worth approximately $180,000. Callodine Capital Management LP raised its position in Shutterstock by 23.0% in the first quarter. Callodine Capital Management LP now owns 1,272,139 shares of the business services provider’s stock worth $21,130,000 after acquiring an additional 238,176 shares during the period. Rice Hall James & Associates LLC raised its position in Shutterstock by 7.3% in the first quarter. Rice Hall James & Associates LLC now owns 733,662 shares of the business services provider’s stock worth $12,186,000 after acquiring an additional 50,200 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Shutterstock by 6.5% in the first quarter. Bank of New York Mellon Corp now owns 427,114 shares of the business services provider’s stock worth $7,094,000 after acquiring an additional 26,144 shares during the period. 82.79% of the stock is currently owned by institutional investors.

Shutterstock Company Profile

Shutterstock, Inc (NYSE:SSTK) operates a leading global creative platform that provides royalty-free stock content to businesses, marketing agencies and media outlets. Its primary offerings include high-resolution photographs, vector graphics, illustrations, video footage and music tracks, all available through subscription plans or on-demand licensing. The platform also features customizable design tools and collaborative workspaces that enable customers to create and manage visual content more efficiently.

Founded in 2003 by Jon Oringer, Shutterstock began as an online marketplace offering a modest selection of images and quickly scaled its library to hundreds of millions of assets.