Shutterstock (NYSE:SSTK) Issues FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Truist Financial cut their target price on Shutterstock from $70.00 to $65.00 and set a buy rating for the company in a research report on Monday, May 6th. Morgan Stanley lifted their target price on Shutterstock from $55.00 to $58.00 and gave the stock an equal weight rating in a report on Tuesday, July 23rd. Finally, Needham & Company LLC reissued a buy rating and issued a $65.00 price target on shares of Shutterstock in a report on Tuesday.

Shutterstock Stock Up 3.1 %

Shares of NYSE SSTK opened at $37.70 on Friday. The stock’s fifty day simple moving average is $39.28 and its 200 day simple moving average is $42.74. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of 14.61 and a beta of 1.12. Shutterstock has a 52-week low of $33.67 and a 52-week high of $54.40.

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

Shutterstock Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Thursday, August 29th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend is Thursday, August 29th. Shutterstock’s dividend payout ratio is 46.51%.

Insider Buying and Selling at Shutterstock

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

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.