Shutterstock (NYSE:SSTK) Releases FY24 Earnings Guidance

Shutterstock (NYSE:SSTK) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $4.22-4.31 for the period, compared to the consensus earnings per share estimate of $3.58. The company issued revenue guidance of $935-940 million, compared to the consensus revenue estimate of $931.23 million. Shutterstock also updated its FY 2024 guidance to 4.220-4.310 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SSTK shares. Needham & Company LLC reissued a “buy” rating and issued a $55.00 target price on shares of Shutterstock in a report on Tuesday. Morgan Stanley dropped their target price on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. Truist Financial decreased their price target on Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, StockNews.com cut Shutterstock from a “buy” rating to a “hold” rating in a report on Wednesday.

Shutterstock Stock Performance

NYSE SSTK traded down $1.03 during trading hours on Thursday, reaching $32.09. The company’s stock had a trading volume of 862,540 shares, compared to its average volume of 518,836. Shutterstock has a fifty-two week low of $28.95 and a fifty-two week high of $54.40. The stock has a market cap of $1.14 billion, a PE ratio of 31.46 and a beta of 1.09. The company’s 50-day moving average is $33.06 and its two-hundred day moving average is $37.20.

Shutterstock (NYSE:SSTK) last posted its earnings results on Tuesday, August 6th. The business services provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). The company had revenue of $220.05 million during the quarter, compared to analysts’ expectations of $213.44 million. Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. Shutterstock’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.76 EPS. Equities analysts expect that Shutterstock will post 2.99 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.74%. The ex-dividend date of this dividend is Friday, November 29th. Shutterstock’s payout ratio is 117.65%.

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.