The day’s trading volume was 222,166, which is lower than the three-month average volume of 425,518. Throughout the trading day, SSTK’s stock price fluctuated within a range of $67.32 to $70.49. (SSTK) opened at $70.06, slightly higher than the previous day’s closing price of $69.44. (SSTK) Stock Price, Market Capitalization, and P/E Ratio on April 26, 2023 With positive Q1 2023 earnings results, Shutterstock is poised for growth in the coming years. Overall, the recent price target adjustments from Truist Securities, Truist Financial, and Morgan Stanley suggest that Shutterstock’s stock has the potential to increase in value. Morgan Stanley adjusted its price target on Shutterstock to $88 from $84 and maintained an equal-weight rating. In February 2023, Truist Financial also raised its price target on Shutterstock from $70 to $86. In Q1 2023, Shutterstock’s earnings report showed an increase in adjusted net income and revenue, leading the company to raise its 2023 targets. The company has several subsidiaries, including Amper Music, Bigstock, and PicMonkey. Shutterstock is a digital imagery and music provider that offers its services to businesses, marketing agencies, and media organizations. This suggests that Truist Securities believes that Shutterstock’s stock is currently undervalued and has the potential to increase in price. I look forward to deepening relationships and continuing to deliver innovative products that will truly impact our customers.On April 26, 2023, Truist Securities analyst Youssef Squali announced that Shutterstock (NYSE:SSTK) has maintained a Buy rating and raised the price target from $86 to $88. The product team has played an exciting and important role in supporting Shutterstock on its mission to be an end-to-end creative platform. Schoen added, “Since joining the Shutterstock team in October 2020, I’ve been so excited by the rate of transformation the company has experienced. Prior to Shutterstock, Schoen served as VP, Product Management at Meredith where she drove the consumer product vision, strategy, and execution for all Meredith and legacy Time brands. She led several of the Company’s recent acquisitions, such as PicMonkey, TurboSquid and three artificial intelligence platforms. In her previous role as SVP of Product at the Company, Schoen oversaw the Product and UX function, where she was responsible for driving Shutterstock’s product strategy and roadmap. Marketing Technology News: Fobi Announces CheckVax™ Deal With University of Nevada Athletics for Men’s and Women’s NCAA… “I am delighted to be officially welcoming her into the Executive Committee, where she will continue to bring her invaluable knowledge and experience to further Shutterstock’s growth, transforming our business into a creative, intelligent platform.” “Through her business acumen and conscientious leadership, Meghan has proven to be an integral member of the team shaping Shutterstock’s strategy for making content and applications accessible to our customers globally,” said Stan Pavlovsky, Chief Executive Officer at Shutterstock. Schoen will continue to work with the product team to innovate and deliver products and services which allow Shutterstock’s customers to create with an enhanced, data-driven workflow. Schoen’s appointment follows the success of Shutterstock’s new flexible product solutions, AI-powered features, and the launch of Creative Flow, a suite of applications powered by creative insights designed to enhance creativity, encourage collaboration and allow customers to create with confidence. Marketing Technology News: Martech Interview with Li Jun, Founder of Ontology She will focus on strengthening the Company’s portfolio of content, services, application, and data business lines, and help the team to bring to market new and innovative products to meet evolving customer needs and demands. As CPO, Schoen will spearhead the development and execution of Shutterstock’s product vision. Shutterstock, Inc., a leading global creative platform offering full-service solutions, high-quality content, and applications for brands, businesses and media companies, today announced the promotion of Meghan Schoen to Chief Product Officer (CPO). Schoen will lead the strategic vision for Shutterstock’s marketplace and applications to respond to the changing industry needs
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