Shutterstock (NYSE:SSTK) Stock Price Down 10.1% - Here's Why

Key Points

• Shutterstock's stock fell by 10.1%, with shares trading down to $23.05 from a previous close of $25.64, and trading volume decreased significantly, down 77% from its average.
• Analyst ratings are mixed, with Weiss Ratings maintaining a "hold" rating, while Wall Street Zen upgraded the stock to "buy," with an average price target of $43.67.
• Shutterstock recently reported earnings of $1.19 per share, falling short of the consensus estimate by $0.46, despite revenue rising 21.3% compared to the same quarter last year.

Shares of Shutterstock, Inc. (NYSE:SSTK - Get Free Report) traded down 10.1% on Monday . The stock traded as low as $23.60 and last traded at $23.05. 94,630 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 412,650 shares. The stock had previously closed at $25.64.

Analysts Set New Price Targets

Several research firms have weighed in on SSTK. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Shutterstock in a research note on Wednesday, October 8th. Wall Street Zen raised Shutterstock from a "hold" rating to a "buy" rating in a research note on Friday, September 26th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Shutterstock has an average rating of "Hold" and an average price target of $43.67.

Shutterstock Trading Down 5.6%

The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.20. The firm has a 50 day moving average price of $21.51 and a 200 day moving average price of $19.34. The stock has a market capitalization of $858.09 million, a PE ratio of 13.37 and a beta of 1.09.

Shutterstock (NYSE:SSTK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.46). The company had revenue of $266.99 million for the quarter, compared to the consensus estimate of $248.27 million. Shutterstock had a return on equity of 18.42% and a net margin of 6.36%.The company's quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.00 EPS. Equities analysts expect that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Shutterstock

Several institutional investors have recently modified their holdings of SSTK. Alpine Associates Management Inc. bought a new position in Shutterstock during the first quarter valued at $11,177,000. Callodine Capital Management LP purchased a new position in shares of Shutterstock during the 2nd quarter valued at $7,835,000. Millennium Management LLC grew its stake in shares of Shutterstock by 109.3% during the 1st quarter. Millennium Management LLC now owns 626,615 shares of the business services provider's stock worth $11,674,000 after acquiring an additional 327,203 shares during the period. Invenomic Capital Management LP grew its stake in shares of Shutterstock by 47.1% during the 1st quarter. Invenomic Capital Management LP now owns 885,022 shares of the business services provider's stock worth $16,488,000 after acquiring an additional 283,532 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC increased its holdings in Shutterstock by 63.8% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 538,670 shares of the business services provider's stock worth $10,035,000 after acquiring an additional 209,840 shares during the last quarter. 82.79% of the stock is owned by institutional investors.

About Shutterstock

Shutterstock, Inc provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects in HD and 4K formats that are integrated into websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage.

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