Shutterstock (NYSE:SSTK) Issues 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.

Analysts Set New Price Targets

SSTK has been the subject of a number of research analyst reports. StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a research note on Tuesday, October 1st. Morgan Stanley cut their target price on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, October 21st. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price objective on shares of Shutterstock in a research note on Tuesday. Finally, Truist Financial cut their price target on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday.

Shutterstock Trading Up 0.5 %

Shares of Shutterstock stock traded up $0.18 during trading hours on Wednesday, reaching $33.05. 536,537 shares of the company’s stock were exchanged, compared to its average volume of 514,410. The company has a 50 day moving average of $33.09 and a two-hundred day moving average of $37.23. The stock has a market cap of $1.17 billion, a P/E ratio of 25.22 and a beta of 1.09. Shutterstock has a fifty-two week low of $28.95 and a fifty-two week high of $54.40.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, August 6th. The business services provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.01). The firm had revenue of $220.05 million during the quarter, compared to the consensus estimate of $213.44 million. Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. Shutterstock’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.76 earnings per share. As a group, analysts expect that Shutterstock will post 2.99 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

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

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.