Shutterstock, Inc. (NYSE:SSTK) Sets New 12-Month Low Following Weak Earnings
Shutterstock, Inc. (NYSE:SSTK)’s share price hit a new 52-week low during trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $34.81 and last traded at $34.64, with a volume of 1,470,305 shares trading hands. The stock had previously closed at $41.70.
The business services provider reported $0.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.12. The company had revenue of $134 million for the quarter, compared to analysts’ expectations of $137.83 million. Shutterstock had a return on equity of 11.08% and a net margin of 5.59%. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 EPS.
A number of research firms have issued reports on SSTK. Deutsche Bank AG reduced their target price on shares of Shutterstock from $41.00 to $33.00 and set a “hold” rating on the stock in a report on Thursday, August 3rd. Zacks Investment Research lowered shares of Shutterstock from a “hold” rating to a “sell” rating in a report on Wednesday. Royal Bank Of Canada reiterated a “hold” rating and set a $50.00 target price on shares of Shutterstock in a report on Friday, April 21st. BidaskClub lowered shares of Shutterstock from a “sell” rating to a “strong sell” rating in a report on Tuesday. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $50.00 target price on shares of Shutterstock in a report on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $44.00.
Several large investors have recently made changes to their positions in the stock. FMR LLC purchased a new stake in shares of Shutterstock during the first quarter worth $102,563,000. BlackRock Inc. raised its stake in shares of Shutterstock by 140,371.5% in the first quarter. BlackRock Inc. now owns 2,286,876 shares of the business services provider’s stock worth $94,562,000 after buying an additional 2,285,248 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Shutterstock by 167.7% in the second quarter. Bank of New York Mellon Corp now owns 824,055 shares of the business services provider’s stock worth $36,323,000 after buying an additional 516,226 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of Shutterstock during the first quarter worth $19,555,000. Finally, Copper Rock Capital Partners LLC purchased a new stake in shares of Shutterstock during the second quarter worth $20,434,000. Institutional investors and hedge funds own 60.56% of the company’s stock.
The firm’s 50 day moving average price is $41.61 and its 200 day moving average price is $44.58. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 40.54 and a beta of 1.40.
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Shutterstock, Inc (Shutterstock) is a global technology company that operates a two-sided marketplace for professionals to license content. The Company’s library of content includes digital imagery, which consists of licensed photographs, vectors, illustrations and video clips that customers use in their visual communications, such as Websites, digital and print marketing materials, corporate communications, books, publications and video content, and commercial music, which consists of music tracks and sound effects and which is often used to complement digital imagery.
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