Shutterstock (NYSE:SSTK) Posts Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Shutterstock (NYSE:SSTK) released its quarterly earnings results on Tuesday. The business services provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.01), Briefing.com reports. The firm had revenue of $220.05 million during the quarter, compared to the consensus estimate of $213.44 million. Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The company’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 company posted $0.76 EPS. Shutterstock updated its FY24 guidance to $4.18 to $4.32 EPS and its FY 2024 guidance to 4.180-4.320 EPS.

Shutterstock Price Performance

NYSE SSTK traded down $1.16 during trading on Friday, hitting $36.55. 435,729 shares of the company’s stock traded hands, compared to its average volume of 494,083. The stock has a fifty day moving average of $39.21 and a two-hundred day moving average of $42.70. Shutterstock has a 12-month low of $33.67 and a 12-month high of $54.40. The firm has a market cap of $1.31 billion, a P/E ratio of 14.17 and a beta of 1.12.

Shutterstock Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.20 annualized dividend and a yield of 3.28%. Shutterstock’s payout ratio is 46.51%.

Insider Buying and Selling at Shutterstock

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $65.00 target price on shares of Shutterstock in a research note on Tuesday. Morgan Stanley increased their target price on Shutterstock from $55.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Finally, Truist Financial reduced their target price on Shutterstock from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, May 6th.

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.