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Stock Market & Financial Investment News

News Breaks
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%
News For SSTK From The Last 14 Days
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January 15, 2015
06:07 EDTSSTKShutterstock to acquire PremiumBeat for $32M in cash
Shutterstock has entered into a definitive agreement to acquire PremiumBeat, a provider of exclusive, high-quality music and sound effects for use in videos, films, television, apps, games, and other creative projects. With offices in Montreal and Dallas, PremiumBeat will continue under the leadership of Francois Arbour, who will expand his responsibilities to lead music globally for Shutterstock and focus on further growth. The purchase price consists of initial consideration of approximately $32M in cash. Additional consideration is payable upon the achievement of certain operating and financial goals through 2018. The company expects to update its 2015 financial outlook for the impact of this transaction when it reports Q4 earnings.
06:06 EDTSSTKShutterstock to acquire Rex Features for $33M
Shutterstock has entered into a definitive agreement to acquire Rex Features, the largest independently owned photographic press agency in Europe. The purchase price is approximately $33M, substantially all of which will be paid in cash. The company expects to update its 2015 financial outlook for the impact of this transaction when it reports Q4 earnings.

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