Shutterstock (NYSE:SSTK) Updates FY24 Earnings Guidance

Shutterstock (NYSE:SSTK) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $4.22-4.31 for the period, compared to the consensus EPS estimate of $3.58. The company issued revenue guidance of $935-940 million, compared to the consensus revenue estimate of $931.23 million. Shutterstock also updated its FY 2024 guidance to 4.220-4.310 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on SSTK shares. Truist Financial lowered their price target on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday. Needham & Company LLC restated a “buy” rating and issued a $55.00 target price on shares of Shutterstock in a report on Tuesday. Morgan Stanley dropped 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 report on Monday, October 21st. Finally, StockNews.com cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Wednesday.

Shutterstock Stock Down 3.1 %

NYSE:SSTK traded down $1.03 during mid-day trading on Thursday, reaching $32.09. 862,540 shares of the stock were exchanged, compared to its average volume of 518,836. Shutterstock has a 1 year low of $28.95 and a 1 year high of $54.40. The company has a 50 day simple moving average of $33.06 and a 200-day simple moving average of $37.20. The stock has a market capitalization of $1.14 billion, a P/E ratio of 31.46 and a beta of 1.09.

Shutterstock (NYSE:SSTK) last announced its 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). The business had revenue of $220.05 million during the quarter, compared to analyst estimates of $213.44 million. Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. The business’s revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.76 earnings per share. As a group, research analysts predict that Shutterstock will post 2.99 EPS for the current year.

Shutterstock Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, November 29th. This represents a $1.20 annualized dividend and a dividend yield of 3.74%. Shutterstock’s dividend payout ratio (DPR) is 117.65%.

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.