Shutterstock (NYSE:SSTK) Announces Quarterly Earnings Results, Beats Expectations By $0.71 EPS

Shutterstock (NYSE:SSTK) announced its quarterly earnings results on Tuesday. The business services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.71, FiscalAI reports. Shutterstock had a positive return on equity of 14.12% and a negative net margin of 2.19%.The firm had revenue of $221.80 million for the quarter, compared to analysts’ expectations of $196.10 million.

Shutterstock Price Performance

Shares of SSTK opened at $6.03 on Wednesday. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.22. Shutterstock has a twelve month low of $5.17 and a twelve month high of $29.50. The stock has a market capitalization of $221.43 million, a P/E ratio of -10.39 and a beta of 1.11. The company has a 50 day moving average of $10.72 and a 200-day moving average of $14.91.

Institutional Investors Weigh In On Shutterstock

Several large investors have recently made changes to their positions in the stock. WealthCollab LLC raised its position in shares of Shutterstock by 106.2% in the second quarter. WealthCollab LLC now owns 1,452 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 748 shares during the period. Osaic Holdings Inc. grew its position in Shutterstock by 150.6% during the second 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. Tower Research Capital LLC TRC increased its position in shares of Shutterstock by 72.7% in the second quarter. Tower Research Capital LLC TRC now owns 3,297 shares of the business services provider’s stock worth $63,000 after purchasing an additional 1,388 shares during the period. Quadrant Capital Group LLC acquired a new position in shares of Shutterstock in the 3rd quarter valued at approximately $111,000. Finally, BNP Paribas Financial Markets lifted its stake in Shutterstock by 59.9% during the third quarter. BNP Paribas Financial Markets now owns 6,879 shares of the business services provider’s stock worth $143,000 after purchasing an additional 2,576 shares during the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

Analyst Upgrades and Downgrades

SSTK has been the topic of several research analyst reports. 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. Weiss Ratings restated a “sell (d+)” rating on shares of Shutterstock in a report on Friday. Wall Street Zen downgraded shares of Shutterstock from a “hold” rating to a “sell” rating in a research note on Sunday, July 26th. Finally, Zacks Research upgraded Shutterstock from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average 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.