Shutterstock (NYSE:SSTK) Releases FY24 Earnings Guidance

Shutterstock (NYSE:SSTK) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $4.18-4.32 for the period, compared to the consensus earnings per share 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

A number of research analysts recently commented on SSTK shares. Truist Financial cut their target price on Shutterstock from $85.00 to $70.00 and set a buy rating for the company in a research note on Thursday, February 22nd. Morgan Stanley started coverage on Shutterstock in a report on Thursday, February 22nd. They issued an equal weight rating and a $55.00 target price for the company. Needham & Company LLC reaffirmed a buy rating and issued a $60.00 price target on shares of Shutterstock in a research note on Thursday. Finally, StockNews.com lowered shares of Shutterstock from a strong-buy rating to a hold rating in a report on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Shutterstock currently has a consensus rating of Moderate Buy and an average target price of $62.50.

Shutterstock Stock Down 6.0 %

NYSE:SSTK traded down $2.51 during mid-day trading on Friday, reaching $39.24. 614,846 shares of the company were exchanged, compared to its average volume of 360,076. The stock has a market cap of $1.39 billion, a PE ratio of 15.21 and a beta of 1.13. Shutterstock has a 12 month low of $33.80 and a 12 month high of $58.42. The company has a fifty day moving average of $45.32 and a 200 day moving average of $45.09.

Shutterstock (NYSE:SSTK) last released its quarterly earnings results 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 business had revenue of $217.22 million for the quarter, compared to analysts’ expectations of $224.04 million. On average, equities research analysts anticipate that Shutterstock will post 3.13 EPS for the current fiscal year.

Shutterstock Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend is Thursday, May 30th. Shutterstock’s dividend payout ratio (DPR) is presently 46.51%.

Insider Activity at Shutterstock

In other Shutterstock news, insider John Caine sold 5,439 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $42.91, for a total transaction of $233,387.49. Following the transaction, the insider now directly owns 1,974 shares in the company, valued at approximately $84,704.34. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 12,853 shares of company stock worth $575,630 over the last 90 days. 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.