Shutterstock (NYSE:SSTK) Posts Quarterly Earnings Results, Misses Expectations By $4.40 EPS

Shutterstock (NYSE:SSTK) issued its earnings results on Tuesday. The business services provider reported ($4.25) EPS for the quarter, missing the consensus estimate of $0.15 by ($4.40), reports. Shutterstock had a negative net margin of 2.19% and a positive return on equity of 14.12%.

Shutterstock Price Performance

Shutterstock stock traded down $0.03 on Tuesday, reaching $6.03. The company’s stock had a trading volume of 1,237,253 shares, compared to its average volume of 564,897. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.51 and a current ratio of 0.51. The company has a market cap of $221.42 million, a price-to-earnings ratio of -10.39 and a beta of 1.06. The business’s fifty day moving average price is $10.92 and its 200 day moving average price is $15.00. Shutterstock has a twelve month low of $5.17 and a twelve month high of $29.50.

Institutional Trading of Shutterstock

A number of hedge funds and other institutional investors have recently made changes to their positions in SSTK. WealthCollab LLC increased its position in shares of Shutterstock by 40.7% during the 3rd quarter. WealthCollab LLC now owns 2,043 shares of the business services provider’s stock worth $43,000 after purchasing an additional 591 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Shutterstock by 8.9% in the 3rd quarter. Franklin Resources Inc. now owns 11,218 shares of the business services provider’s stock valued at $234,000 after buying an additional 919 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Shutterstock by 0.8% in the third quarter. JPMorgan Chase & Co. now owns 116,070 shares of the business services provider’s stock valued at $2,420,000 after buying an additional 953 shares in the last quarter. Osaic Holdings Inc. grew its stake in shares of Shutterstock by 150.6% in the second quarter. Osaic Holdings Inc. now owns 1,772 shares of the business services provider’s stock valued at $34,000 after buying an additional 1,065 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in Shutterstock by 72.7% during the second quarter. Tower Research Capital LLC TRC now owns 3,297 shares of the business services provider’s stock worth $63,000 after buying an additional 1,388 shares during the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SSTK has been the subject of a number of recent analyst reports. Zacks Research upgraded shares of Shutterstock from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. Wall Street Zen lowered shares of Shutterstock from a “hold” rating to a “sell” rating in a research report on Sunday, July 26th. Citigroup raised shares of Shutterstock from a “neutral” rating to a “buy” rating and set a $7.00 price objective on the stock in a research note on Friday, June 5th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Shutterstock in a report on Friday. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Shutterstock presently has an average rating of “Hold” and a consensus price target of $7.00.

About Shutterstock

Shutterstock, Inc (NYSE:SSTK) operates a leading global creative platform that provides royalty-free stock content to businesses, marketing agencies and media outlets. Its primary offerings include high-resolution photographs, vector graphics, illustrations, video footage and music tracks, all available through subscription plans or on-demand licensing. The platform also features customizable design tools and collaborative workspaces that enable customers to create and manage visual content more efficiently.

Founded in 2003 by Jon Oringer, Shutterstock began as an online marketplace offering a modest selection of images and quickly scaled its library to hundreds of millions of assets.