Shutterstock price target raised to $95 from $75 at Cantor Cantor increased its price target on Shutterstock after the company reported results that the firm views as strong and raised its 2014 guidance. The firm keeps a Buy rating on the stock.
Shutterstock falls after Adobe buys competitor Fotolia Shares of Shutterstock (SSTK), a provider of commercial digital images, are falling after Adobe (ADBE) announced that it would buy one of the company's privately held competitors, Fotolia. WHAT'S NEW: Adobe said last night that has struck a deal to buy Fotolia for about $800M in cash. Adobe expects the deal to be neutral to its profits in fiscal 2015, but predicts that the acquisition will increase its profits in fiscal 2016. Both Fotolia and Shutterstock provide photos and videos to commercial customers. Investors may believe that Fotolia will become a tougher competitor for Shutterstock after it becomes part of Adobe. PRICE ACTION: In early afternoon trading, Shutterstock tumbled 12.5% to $62.71. The shares are down 24% in the last month.