Shutterstock (NYSE:SSTK) Updates FY24 Earnings Guidance

Shutterstock (NYSE:SSTK) issued an update on its FY24 earnings guidance on Thursday morning. 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.

Analysts Set New Price Targets

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

Shutterstock Price Performance

Shares of NYSE SSTK traded down $2.51 during mid-day trading on Friday, hitting $39.24. The company had a trading volume of 614,846 shares, compared to its average volume of 360,076. Shutterstock has a 12 month low of $33.80 and a 12 month high of $58.42. The firm has a market cap of $1.39 billion, a P/E ratio of 15.21 and a beta of 1.13. The business’s 50-day simple moving average is $45.32 and its 200-day simple moving average is $45.09.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Wednesday, February 21st. The business services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.13. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. The company had revenue of $217.22 million during the quarter, compared to the consensus estimate of $224.04 million. As a group, sell-side analysts predict 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. Stockholders of record on Thursday, May 30th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date is Thursday, May 30th. Shutterstock’s dividend payout ratio is 46.51%.

Insider Transactions at Shutterstock

In other Shutterstock news, insider John Caine sold 1,974 shares of Shutterstock stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $43.30, for a total transaction of $85,474.20. Following the sale, the insider now directly owns 7,413 shares of the company’s stock, valued at $320,982.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, 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.