Shutterstock (NYSE:SSTK) Issues FY 2024 Earnings Guidance

Shutterstock (NYSE:SSTK) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 4.220-4.310 for the period, compared to the consensus EPS 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.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Morgan Stanley lowered their price target 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. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price target on shares of Shutterstock in a research report on Tuesday. Finally, StockNews.com upgraded shares of Shutterstock from a “hold” rating to a “buy” rating in a research report on Tuesday, October 1st.

Shutterstock Stock Performance

NYSE SSTK traded up $3.62 during mid-day trading on Tuesday, reaching $33.15. 661,462 shares of the stock were exchanged, compared to its average volume of 508,519. Shutterstock has a 1-year low of $28.95 and a 1-year high of $54.40. The business’s fifty day simple moving average is $33.14 and its 200 day simple moving average is $37.29. The stock has a market capitalization of $1.17 billion, a PE ratio of 25.08 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 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The firm had revenue of $220.05 million for the quarter, compared to analyst estimates of $213.44 million. During the same quarter last year, the business posted $0.76 EPS. The firm’s revenue was up 5.4% compared to the same quarter last year. On average, analysts anticipate that Shutterstock will post 2.99 EPS for the current year.

Shutterstock Announces Dividend

The business also recently declared 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. This represents a $1.20 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend is Friday, November 29th. Shutterstock’s dividend payout ratio is currently 91.60%.

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.