Shutterstock (SSTK) Hits New 1-Year Low at $36.95

Shutterstock Inc (NYSE:SSTK) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $36.95 and last traded at $37.35, with a volume of 8374 shares trading hands. The stock had previously closed at $38.39.

SSTK has been the topic of a number of research analyst reports. Jefferies Financial Group reissued a “sell” rating and issued a $44.00 price target on shares of Shutterstock in a research note on Thursday, August 2nd. Deutsche Bank reduced their price target on shares of Shutterstock from $50.00 to $35.00 and set a “hold” rating on the stock in a research note on Wednesday, October 31st. SunTrust Banks reissued a “hold” rating and issued a $48.00 price target on shares of Shutterstock in a research note on Monday, October 29th. Finally, ValuEngine downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a research note on Friday, October 19th. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Shutterstock has a consensus rating of “Hold” and an average target price of $42.33.

The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of 53.30, a P/E/G ratio of 2.02 and a beta of 1.54.

Shutterstock (NYSE:SSTK) last announced its earnings results on Tuesday, October 30th. The business services provider reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. Shutterstock had a net margin of 6.82% and a return on equity of 8.76%. The firm had revenue of $151.60 million for the quarter, compared to the consensus estimate of $157.88 million. During the same period in the prior year, the firm earned $0.31 EPS. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. Equities analysts expect that Shutterstock Inc will post 0.87 EPS for the current fiscal year.

In related news, insider Martin Brodbeck sold 4,813 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $51.18, for a total transaction of $246,329.34. Following the sale, the insider now directly owns 55,101 shares of the company’s stock, valued at approximately $2,820,069.18. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas R. Evans sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $51.18, for a total transaction of $511,800.00. Following the sale, the director now directly owns 24,591 shares in the company, valued at $1,258,567.38. The disclosure for this sale can be found here. 47.20% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in SSTK. Renaissance Technologies LLC increased its position in shares of Shutterstock by 107.8% in the 2nd quarter. Renaissance Technologies LLC now owns 462,500 shares of the business services provider’s stock valued at $21,950,000 after purchasing an additional 239,900 shares during the last quarter. BlackRock Inc. increased its position in shares of Shutterstock by 7.1% in the 2nd quarter. BlackRock Inc. now owns 2,608,178 shares of the business services provider’s stock valued at $123,784,000 after purchasing an additional 172,011 shares during the last quarter. Canada Pension Plan Investment Board increased its position in shares of Shutterstock by 1,142.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 161,500 shares of the business services provider’s stock valued at $7,665,000 after purchasing an additional 148,500 shares during the last quarter. Millennium Management LLC increased its position in shares of Shutterstock by 1,405.8% in the 1st quarter. Millennium Management LLC now owns 104,907 shares of the business services provider’s stock valued at $5,051,000 after purchasing an additional 97,940 shares during the last quarter. Finally, Cornerstone Wealth Management LLC purchased a new stake in shares of Shutterstock in the 2nd quarter valued at approximately $1,548,000. 54.96% of the stock is currently owned by institutional investors.

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About Shutterstock (NYSE:SSTK)

Shutterstock, Inc provides content products and services in North America, Europe, and internationally. It offers digital imagery services, which include 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 services comprising music tracks and sound effects that are used to complement digital imagery.

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