Shutterstock (NYSE:SSTK) Issues FY24 Earnings Guidance

Shutterstock (NYSE:SSTK - Get Free Report) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $4.18-4.32 for the period, compared to the consensus earnings per share estimate of $3.44. The company issued revenue guidance of $923-936 million, compared to the consensus revenue estimate of $877.67 million.

Shutterstock Price Performance

SSTK traded down $0.69 during midday trading on Thursday, hitting $41.75. 652,876 shares of the company's stock traded hands, compared to its average volume of 496,459. The company has a market cap of $1.48 billion, a PE ratio of 13.78 and a beta of 1.13. The stock's fifty day simple moving average is $45.47 and its 200-day simple moving average is $45.05. Shutterstock has a one year low of $33.80 and a one year high of $61.51.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings data on Wednesday, February 21st. The business services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.13. The firm had revenue of $217.22 million for the quarter, compared to analyst estimates of $224.04 million. Shutterstock had a net margin of 12.61% and a return on equity of 23.04%. On average, research analysts expect that Shutterstock will post 3.13 EPS for the current year.

Shutterstock Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date is Thursday, May 30th. Shutterstock's dividend payout ratio is 39.60%.

Wall Street Analysts Forecast Growth

SSTK has been the topic of a number of recent analyst reports. StockNews.com lowered shares of Shutterstock from a strong-buy rating to a hold rating in a research report on Thursday, February 29th. Truist Financial dropped their price target on shares of Shutterstock from $85.00 to $70.00 and set a buy rating on the stock in a research report on Thursday, February 22nd. Morgan Stanley initiated coverage on shares of Shutterstock in a research report on Thursday, February 22nd. They issued an equal weight rating and a $55.00 price target on the stock. Finally, Needham & Company LLC reissued a buy rating and issued a $60.00 price target on shares of Shutterstock in a research report on Thursday. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $62.50.

Insider Transactions at Shutterstock

In other news, insider John Caine sold 1,974 shares of the firm's stock in a transaction on Friday, April 5th. The shares were sold at an average price of $43.30, for a total value of $85,474.20. Following the sale, the insider now owns 7,413 shares in the company, valued at $320,982.90. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 12,853 shares of company stock worth $575,630. Insiders own 32.30% of the company's stock.

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.