Shutterstock (NYSE:SSTK) Updates FY24 Earnings Guidance

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

Wall Street Analysts Forecast Growth

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

Shutterstock Price Performance

SSTK stock traded down $2.51 during mid-day trading on Friday, reaching $39.24. 614,846 shares of the company traded hands, compared to its average volume of 360,076. Shutterstock has a 52-week low of $33.80 and a 52-week high of $58.42. The company has a market capitalization of $1.39 billion, a P/E ratio of 15.21 and a beta of 1.13. The company has a fifty day moving average price of $45.32 and a 200-day moving average price of $45.09.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings data on Wednesday, February 21st. The business services provider reported $0.46 EPS for the quarter, beating the consensus estimate of $0.33 by $0.13. Shutterstock had a net margin of 10.71% and a return on equity of 21.14%. The company had revenue of $217.22 million during the quarter, compared to analysts’ expectations of $224.04 million. As a group, analysts forecast that Shutterstock will post 3.13 EPS for the current year.

Shutterstock Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 30th will be given a $0.30 dividend. The ex-dividend date is Thursday, May 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.06%. Shutterstock’s dividend payout ratio (DPR) is presently 46.51%.

Insider Activity at Shutterstock

In other news, insider John Caine sold 5,440 shares of the business’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $47.20, for a total transaction of $256,768.00. Following the completion of the transaction, the insider now owns 5,439 shares of the company’s stock, valued at $256,720.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders sold 12,853 shares of company stock valued at $575,630. Company insiders own 32.30% of the company’s stock.

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.