Shutterstock (NYSE:SSTK) Updates FY 2024 Earnings Guidance

Shutterstock (NYSE:SSTK) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 4.220-4.310 for the period, compared to the consensus estimate of 4.330. The company issued revenue guidance of $935.0 million-$940.0 million, compared to the consensus revenue estimate of $930.8 million. Shutterstock also updated its FY24 guidance to $4.22-4.31 EPS.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SSTK. StockNews.com upgraded Shutterstock from a “hold” rating to a “buy” rating in a report on Tuesday, October 1st. Needham & Company LLC restated a “buy” rating and set a $55.00 price target on shares of Shutterstock in a report on Tuesday. Truist Financial lowered their price objective on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Morgan Stanley reduced their price target 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.

Shutterstock Stock Up 0.5 %

NYSE:SSTK traded up $0.18 on Wednesday, hitting $33.05. The stock had a trading volume of 536,537 shares, compared to its average volume of 514,410. Shutterstock has a 52 week low of $28.95 and a 52 week high of $54.40. The business’s fifty day moving average is $33.09 and its 200 day moving average is $37.23. The company has a market cap of $1.17 billion, a PE ratio of 25.22 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results 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). The business had revenue of $220.05 million during the quarter, compared to analyst estimates of $213.44 million. Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The business’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.76 EPS. Equities analysts predict that Shutterstock will post 2.99 earnings per share for the current fiscal year.

Shutterstock Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.63%. The ex-dividend date is Friday, November 29th. Shutterstock’s payout ratio is presently 91.60%.

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.