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February 21, 2014
12:33 EDTSSTKShutterstock soars to 52-week high after beating expectations
Shares of Shutterstock (SSTK), which are operates as a marketplace for commercial digital imagery, are soaring after the company’s fourth quarter results and fiscal 2014 revenue guidance surpassed expectations. WHAT'S NEW: Last night, Shutterstock reported Q4 earnings per share of 22c and revenue of $68M, compared to expectations of 21c and $65.86M, respectively. The company’s first quarter and fiscal 2014 revenue guidance topped expectations as well. For Q1, the company forecast revenue of $69M-$70M, compared to consensus of $67.73M. For FY14, revenue was seen at $305M-$310M, versus expectations of $304.5M. FY14 adjusted EBTIDA was forecast at $68M-$70M. ANALYST REACTION: This morning, research firm RBC Capital raised their price target on Shutterstock to $100 from $86, noting it viewed the company's Q4 results as strong. The firm reiterated an Outperform rating on the stock. Another firm, Cantor, also raised their price target on Shutterstock to $95 from $75, citing the company’s results and guidance. The firm kept a Buy rating on the stock. PRICE ACTION: In early afternoon trading, Shutterstock jumped $13.59, or 16.5%, to $96.10 on more than five times its average daily trading volume. Earlier in the session, the stock reached a 52-week high of $98.98. Over the past twelve months, the stock has gained approximately 240%
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