Shutterstock (NYSE:SSTK) Releases FY 2024 Earnings Guidance

Shutterstock (NYSE:SSTK) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 4.180-4.320 for the period, compared to the consensus estimate of 4.400. The company issued revenue guidance of $927.0 million-$936.0 million, compared to the consensus revenue estimate of $923.0 million. Shutterstock also updated its FY24 guidance to $4.18 to $4.32 EPS.

Wall Street Analysts Forecast Growth

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

Shutterstock Price Performance

NYSE SSTK traded down $1.06 on Friday, reaching $36.65. 190,699 shares of the company’s stock traded hands, compared to its average volume of 492,385. Shutterstock has a 12 month low of $33.67 and a 12 month high of $54.40. The stock has a 50-day simple moving average of $39.28 and a 200 day simple moving average of $42.74. The stock has a market cap of $1.31 billion, a PE ratio of 14.61 and a beta of 1.12.

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

Shutterstock Announces Dividend

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. This represents a $1.20 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend is Thursday, August 29th. Shutterstock’s payout ratio is currently 46.51%.

Insider Buying and Selling at Shutterstock

In other news, CEO Paul J. Hennessy bought 12,500 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were purchased at an average price 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 of the company’s stock, valued at $3,369,879.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Paul J. Hennessy bought 12,500 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were purchased at an average price 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 of the company’s stock, valued at $3,369,879.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jarrod Yahes bought 5,350 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was purchased at an average price of $37.35 per share, for a total transaction of $199,822.50. Following the acquisition, the chief financial officer now directly 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.

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.