Why Shutterstock's Stock Is Trading Higher Today

Shutterstock (NYSE: SSTK) shares are trading higher on Friday after Truist Securities upgraded the company's stock from Hold to Buy and announced a $60 price target.

Shutterstock is a U.S.-based company that is primarily engaged in provision of digital contents and digital asset management services. The content segment, whose offerings include photographs, illustrations, vector art, video clips, and music tracks, contributes almost all of the company's revenue. Shutterstock's digital content products are marketed under brands including Shutterstock, Bigstock, Offset, Shutterstock Music, and Shutterstock Editorial.

Shutterstock's stock traded up 5.80% at $51.09 per share at the time of publication on Friday. The stock has a 52-week high of $59.45 and a 52-week low of $28.76.