Shutterstock (NYSE:SSTK) Updates FY24 Earnings Guidance

Shutterstock (NYSE:SSTK) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $4.18-4.32 for the period, compared to the consensus EPS estimate of $3.44. The company issued revenue guidance of $923-936 million, compared to the consensus revenue estimate of $877.67 million.

Shutterstock Stock Down 6.0 %

Shutterstock stock traded down $2.51 during trading on Friday, reaching $39.24. The stock had a trading volume of 614,846 shares, compared to its average volume of 360,076. Shutterstock has a 52-week low of $33.80 and a 52-week high of $58.42. The stock has a market cap of $1.39 billion, a PE ratio of 15.21 and a beta of 1.13. The business has a 50 day moving average price of $45.32 and a 200 day moving average price of $45.09.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Wednesday, February 21st. The business services provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.13. The business had revenue of $217.22 million during the quarter, compared to analysts’ expectations of $224.04 million. Shutterstock had a net margin of 10.71% and a return on equity of 21.14%. On average, equities analysts predict that Shutterstock will post 3.13 EPS for the current fiscal year.

Shutterstock Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.20 annualized dividend and a dividend yield of 3.06%. Shutterstock’s dividend payout ratio is currently 46.51%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SSTK. Morgan Stanley started coverage on Shutterstock in a report on Thursday, February 22nd. They issued an equal weight rating and a $55.00 price target for the company. StockNews.com cut shares of Shutterstock from a strong-buy rating to a hold rating in a report on Thursday, February 29th. Needham & Company LLC reiterated a buy rating and set a $60.00 price target on shares of Shutterstock in a research note on Thursday. Finally, Truist Financial reduced their price target on shares of Shutterstock from $85.00 to $70.00 and set a buy rating for the company in a research report on Thursday, February 22nd. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Shutterstock currently has a consensus rating of Moderate Buy and a consensus target price of $62.50.

Insider Activity at Shutterstock

In other news, insider John Caine sold 1,974 shares of the stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $43.30, for a total transaction of $85,474.20. Following the completion of the sale, the insider now owns 7,413 shares in the company, valued at $320,982.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 12,853 shares of company stock worth $575,630 in the last 90 days. 32.30% of the stock is owned by insiders.

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.