Shutterstock (NYSE:SSTK – Get Free Report) 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
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.
Read Our Latest Stock Report on Shutterstock
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.
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