Shutterstock has no serious competition.There are a host of unreached commercial customers who need images and are just waiting to learn about Shutterstock.Now it looks like it will be in the range of 30% in 2015 and likely to be less in 2016. Shutterstock annual growth of about 40% per year for the last three years would go on at near that rate forever.Over the weekend Cantor Fitzgerald lowered its price objective from $100 to $72, Jefferies Group lowered from $90 to $39 and RBC Capital lowered from $86 to $38. Only time will tell how many buyers will really be willing to switch.) (I am very suspicious of the 55% number and suspect it is about as accurate as surveys that say Donald Trump will be the next President. No information was given as to how many users actually responded to this survey. They had surveyed Shutterstock users and concluded that 55% would switch to Adobe Stock if the Creative Cloud made importing images easier. On July 14th Morgan Stanley initiated coverage on the stock with an “underweight” rating and a price target of $40. Now, it is just more realistic than it was in April, or based on the opinions of most analysts, just last week. At last Friday’s close the company that has already grossed $201.9 million this year and is expected to gross $425 to $430 million in all of 2015 was valued at about $1.2 billion. On April 15, 2015, after Shutterstock reported its Q1 2015 results, shares traded at $73.34 valuing the company at $2.3 billion. On Novemthe share price closed at $83.06 and the total projected value of the company was $2.975 billion. Rather, financial analysts that closely watch Shutterstock are finally waking up to the realities of the stock photo business.Ī few months ago most of the financial analysts were projecting the potential for the share price to grow to the $70 to $100 range. On August 7th the stock closed at $33.65, a 34% decline in 2 days. On August 6th the company announced its second quarter results and missed the projected revenue for the quarter by 1.5%. Is Shutterstock in Serious Trouble? On August 5th the SSTK stock price closed at $50.75.
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