Shutterstock (NYSE:SSTK) Updates FY24 Earnings Guidance

Shutterstock (NYSE:SSTK) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $4.18 to $4.32 for the period, compared to the consensus estimate of $3.72. The company issued revenue guidance of $927 million to $936 million from $923 million to $936, compared to the consensus revenue estimate of $929.56 million. Shutterstock also updated its FY 2024 guidance to 4.180-4.320 EPS.

Wall Street Analysts Forecast Growth

SSTK has been the topic of several research analyst reports. Needham & Company LLC restated a buy rating and issued a $65.00 price objective on shares of Shutterstock in a report on Tuesday. Truist Financial reduced their price target on shares of Shutterstock from $70.00 to $65.00 and set a buy rating on the stock in a research note on Monday, May 6th. Finally, Morgan Stanley increased their price objective on shares of Shutterstock from $55.00 to $58.00 and gave the stock an equal weight rating in a research report on Tuesday, July 23rd.

Shutterstock Trading Up 3.1 %

Shutterstock stock opened at $37.70 on Friday. The firm has a market capitalization of $1.35 billion, a P/E ratio of 14.61 and a beta of 1.12. The stock’s fifty day simple moving average is $39.28 and its 200-day simple moving average is $42.74. Shutterstock has a twelve month low of $33.67 and a twelve month high of $54.40.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). The company had revenue of $220.05 million for the quarter, compared to analyst estimates of $213.44 million. Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.76 earnings per share. Sell-side analysts predict that Shutterstock will post 3.38 earnings per share for the current year.

Shutterstock Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.20 annualized dividend and a dividend yield of 3.18%. Shutterstock’s dividend payout ratio is currently 46.51%.

Insider Buying and Selling

In related news, CEO Paul J. Hennessy bought 12,500 shares of the stock in a transaction dated Thursday, May 23rd. The stock was acquired at an average price of $38.38 per share, for a total transaction of $479,750.00. Following the acquisition, the chief executive officer now owns 87,803 shares in the company, valued at approximately $3,369,879.14. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Paul J. Hennessy bought 12,500 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were acquired at an average price of $38.38 per share, for a total transaction of $479,750.00. Following the completion of the transaction, the chief executive officer now owns 87,803 shares of the company’s stock, valued at $3,369,879.14. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Jarrod Yahes purchased 5,350 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average price of $37.35 per share, for a total transaction of $199,822.50. Following the purchase, the chief financial officer now directly owns 43,904 shares in the company, valued at $1,639,814.40. The disclosure for this purchase can be found here. 32.00% of the stock is owned by company insiders.

Shutterstock Company Profile

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.