Shutterstock (NYSE:SSTK) Releases 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 guidance of 4.220-4.310 for the period, compared to the consensus earnings per share 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.

Shutterstock Stock Down 0.0 %

Shutterstock stock opened at $32.08 on Friday. The firm’s 50 day moving average price is $33.04 and its two-hundred day moving average price is $37.16. The firm has a market cap of $1.12 billion, a PE ratio of 31.45 and a beta of 1.09. Shutterstock has a twelve month low of $28.95 and a twelve month high of $54.40. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.42.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results on Tuesday, August 6th. The business services provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). The company had revenue of $220.05 million during the quarter, compared to analyst estimates of $213.44 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The company’s revenue was up 5.4% compared to the same quarter last year. During the same period last year, the company posted $0.76 earnings per share. On average, research analysts predict that Shutterstock will post 2.99 EPS for the current fiscal year.

Shutterstock Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued 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 is 117.65%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price objective on shares of Shutterstock in a research report on Tuesday. StockNews.com downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Wednesday. Morgan Stanley lowered their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, October 21st. Finally, Truist Financial reduced their target price on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday.

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.