Shutterstock (NYSE:SSTK) Releases FY24 Earnings Guidance

Shutterstock (NYSE:SSTK) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $4.18-4.32 for the period, compared to the consensus estimate of $3.44. The company issued revenue guidance of $923-936 million, compared to the consensus revenue estimate of $877.67 million.

Analyst Upgrades and Downgrades

SSTK has been the subject of several recent analyst reports. StockNews.com cut shares of Shutterstock from a strong-buy rating to a hold rating in a research report on Thursday, February 29th. Morgan Stanley initiated coverage on shares of Shutterstock in a report on Thursday, February 22nd. They issued an equal weight rating and a $55.00 price target for the company. Needham & Company LLC restated a buy rating and issued a $60.00 price target on shares of Shutterstock in a report on Thursday. Finally, Truist Financial reduced their price target on shares of Shutterstock from $85.00 to $70.00 and set a buy rating for the company in a report on Thursday, February 22nd. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $62.50.

Shutterstock Stock Down 2.7 %

NYSE SSTK traded down $1.14 during trading hours on Thursday, reaching $41.30. 152,501 shares of the company were exchanged, compared to its average volume of 490,354. Shutterstock has a 1 year low of $33.80 and a 1 year high of $61.51. The business’s 50 day simple moving average is $45.53 and its 200-day simple moving average is $45.07. The stock has a market capitalization of $1.47 billion, a P/E ratio of 14.01 and a beta of 1.13.

Shutterstock (NYSE:SSTK) last posted its earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.13. The firm had revenue of $217.22 million during the quarter, compared to the consensus estimate of $224.04 million. Shutterstock had a net margin of 12.61% and a return on equity of 23.04%. As a group, sell-side analysts anticipate that Shutterstock will post 3.13 earnings per share for the current year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Thursday, May 30th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.20 annualized dividend and a yield of 2.91%. Shutterstock’s payout ratio is presently 39.60%.

Insider Buying and Selling at Shutterstock

In other news, insider John Caine sold 5,440 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $47.20, for a total value of $256,768.00. Following the completion of the sale, the insider now directly owns 5,439 shares in the company, valued at approximately $256,720.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 32.30% of the stock is currently owned by company insiders.

About Shutterstock

Shutterstock, Inc provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects in HD and 4K formats that are integrated into websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage.