????首席執(zhí)行官拋售自己公司的股票,，這可不是什么好兆頭,。但上個月，當(dāng)Shutterstock公司的喬恩?奧林杰為了更大規(guī)模的二次發(fā)行而拋售自己創(chuàng)立的這家素材圖片公司250萬股時,，這家公司的股價卻開始猛漲,，以17%的漲幅突破了70美元大關(guān)。

????這種情況表明,，廣大投資者對這家位于紐約的公司股票需求強(qiáng)勁,。它一年前剛剛上市，受到數(shù)字圖片和視頻銷售猛漲的推動,，股價已經(jīng)漲了240%,。自IPO以來，它每個財季的表現(xiàn)都遠(yuǎn)超市場預(yù)期,，目前市值已經(jīng)逼近25億美元,。但它股票并不便宜。它的往績市盈率達(dá)到了45【谷歌公司（Google）是28,，蘋果公司（Apple）是12】,，分析師預(yù)計這個比率到2014年末將高達(dá)65,。分析師表示，對Shutterstock股票的需求很大程度上是由于投資者希望在中型科技公司領(lǐng)域找到一個“好故事”,。問題在于,，這家公司是否能如市場所預(yù)期的那樣實(shí)現(xiàn)營收的穩(wěn)定增長。

????加拿大皇家銀行（RBC CAPITAL MARKETS）股票分析師安德烈?瑟奎因說：“他們確實(shí)給自己定了很高的目標(biāo),。投資者們普遍預(yù)期它的增長率將維持在高位,。”

????Shutterstock的數(shù)字圖書館收集的圖片已經(jīng)達(dá)到3000萬張,，它每秒鐘以每張平均2.33美元的價格賣出三張照片,。經(jīng)過審核的供稿人不斷上傳照片，如果他們的照片被人買走,，就能分得售價的30%,。

????2012年底，Shutterstock的銷售總額達(dá)到1.69億美元,，毛利潤高達(dá)1.05億美元,，利潤比2011年猛增了40%。而今年,，它的收入和利潤也一直在穩(wěn)步上升,。最近，它還與Facebook公司簽訂了協(xié)議,，允許廣告主使用其照片,，還擴(kuò)大了素材視頻目錄。同時它還在積極拓展國際市場,。2012年,，它有72%的收入來自美國以外的市場（2012年它在歐洲的銷售總額為6290萬美元，美國為6000萬美元,，世界其他市場為4670萬美元）,，現(xiàn)在更是將自己的網(wǎng)站翻譯成了20種語言。

????Shutterstock的增長路徑非常清晰直接,。隨著寬帶的普及,，越來越多的人（博客用戶、公司,、創(chuàng)業(yè)者）開始通過網(wǎng)絡(luò)漫游世界,。隨著越來越多的人通過手機(jī)和平板這樣的移動平臺訪問網(wǎng)站，對圖片和視頻的需求就開始激增,。分析師稱,，現(xiàn)在很多營銷人員連發(fā)個電郵都必須附上照片，而企業(yè)也對自己公司網(wǎng)站的形象要求日益提高,。

????奧特米特集團(tuán)（Altimeter Group）數(shù)字媒體分析師瑞貝卡?莉布說：“隨著人們紛紛轉(zhuǎn)向移動平臺,，數(shù)字內(nèi)容也日益變得圖文并茂,。文字內(nèi)容在減少，而視覺圖像卻大量涌現(xiàn),。只要這個趨勢不變,，而我覺得至少未來五年都會如此，Shutterstock公司的前景就非常非常好,?！??

????It's typically not a good sign when a CEO dumps stock in his own company. But last month, when Shutterstock's Jon Oringer sold 2.5 million shares of the stock photo firm he founded as part of a larger secondary offering, the company's stock rose sharply, jumping 17% to trade above $70.

????It was a testament to investor demand for shares in the New York-based company, which went public just over a year ago and has seen its stock price rise 240% on the strength of growing sales of digital pictures and video. Shutterstock (SSTK) has beaten expectations each quarter since its IPO and has a market capitalization approaching $2.5 billion. But the stock isn't cheap. It trades with a trailing price-to-earnings ratio of 45 (Google's (GOOG) trailing P/E is 28; Apple (AAPL) trades at 12), and analysts expect that ratio to climb to nearly 65 by the end of 2014.

????Analysts say demand for Shutterstock shares are due in large part to investors looking for a "quality story" in the mid-size technology space. The question is whether or not the company can deliver on the market's expectations of steady growth in revenue and earnings.

????"They've definitely set a high bar for themselves," says Andre Sequin, an equity analyst at RBC Capital Markets. "There's an expectation in the investor class that the growth rate is going to be pretty significant."

????Shutterstock's digital library has grown to 30 million photographs, and it sells three photos each second at an average of $2.33 per photo. Vetted contributors constantly send in photos and receive 30% of the sale price when their photos are purchased.

????Shutterstock finished 2012 with gross profit of $105 million on sales of $169 million, a 40% percent profit jump over 2011. This year, revenue and profit have ticked steadily upward. And Shutterstock recently inked a deal with Facebook (FB) to let advertisers use its photos and is expanding its catalog of stock video. The company is also growing its international business. In 2012, 72% of Shutterstock sales came from outside the U.S. (European sales totaled $62.9 million in 2012, compared to $60 million in the U.S. and $46.7 million from the rest of the world), and the company is now translating its website into 20 languages.

????The case for Shutterstock's continued growth is fairly straightforward. As broadband Internet expands, more and more people (read: bloggers, companies, entrepreneurs) are making their way online across the world. With more people visiting websites on mobile devices like phones and tablets, the demand for pictures and videos has grown exponentially. Most marketers don't even send an email without a photo these days, analysts say, and companies have grown increasingly demanding about the appearance of their websites.

????"With the migration to mobile, digital content is getting increasingly visual," says Rebecca Lieb, a digital media analyst at the Altimeter Group. "Everything written we see diminishing and everything visual is absolutely booming. As long as that trend continues, and I see it continuing for at least five years, the prospects [for Shutterstock] are very, very good."????