Shutterstock (NYSE:SSTK) Releases Quarterly Earnings Results, Misses Estimates By $0.48 EPS

Shutterstock (NYSE:SSTK) issued its quarterly earnings results on Wednesday. The business services provider reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.47 by ($0.48), Briefing.com reports. Shutterstock had a net margin of 5.89% and a return on equity of 16.63%. The business had revenue of $260.09 million for the quarter, compared to analysts’ expectations of $255.60 million. During the same period last year, the business earned $1.31 earnings per share. The company’s revenue was up 3.8% on a year-over-year basis.

Shutterstock Price Performance

Shares of SSTK stock traded down $0.29 during trading hours on Friday, hitting $21.68. The stock had a trading volume of 28,304 shares, compared to its average volume of 413,388. The stock’s 50-day moving average price is $22.40 and its two-hundred day moving average price is $20.17. Shutterstock has a one year low of $14.35 and a one year high of $38.80. The stock has a market capitalization of $768.99 million, a price-to-earnings ratio of 12.87 and a beta of 1.21. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.49 and a quick ratio of 0.49.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SSTK. Wall Street Zen raised Shutterstock from a “hold” rating to a “buy” rating in a research report on Friday, September 26th. Weiss Ratings reissued a “hold (c-)” rating on shares of Shutterstock in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Shutterstock has an average rating of “Hold” and an average price target of $25.00.

Institutional Trading of Shutterstock

Several hedge funds have recently modified their holdings of SSTK. JPMorgan Chase & Co. grew its holdings 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 purchasing an additional 953 shares in the last quarter. Osaic Holdings Inc. grew its stake in shares of Shutterstock by 150.6% in the 2nd quarter. Osaic Holdings Inc. now owns 1,772 shares of the business services provider’s stock worth $34,000 after buying an additional 1,065 shares in the last quarter. Public Sector Pension Investment Board increased its stake in Shutterstock by 8.8% in the second quarter. Public Sector Pension Investment Board now owns 82,913 shares of the business services provider’s stock worth $1,572,000 after purchasing an additional 6,725 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of 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 valued at $63,000 after purchasing an additional 1,388 shares during the period. Finally, Corient Private Wealth LLC purchased a new position in Shutterstock in the 2nd quarter worth about $210,000. 82.79% of the stock is owned by hedge funds and other institutional investors.

Shutterstock Company Profile

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.