Shutterstock (NYSE:SSTK) Updates FY24 Earnings Guidance

Shutterstock (NYSE:SSTK - Get Free Report) updated its FY24 earnings guidance on Tuesday. 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.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. StockNews.com upgraded shares of Shutterstock from a "hold" rating to a "buy" rating in a report on Tuesday, October 1st. Needham & Company LLC reissued a "buy" rating and set a $55.00 price target on shares of Shutterstock in a research report on Tuesday. Finally, Morgan Stanley cut their price target on Shutterstock from $58.00 to $50.00 and set an "equal weight" rating on the stock in a research note on Monday, October 21st.

Shutterstock Trading Up 11.3 %

Shares of NYSE:SSTK traded up $3.34 on Tuesday, reaching $32.87. The company had a trading volume of 1,869,433 shares, compared to its average volume of 514,302. The firm has a market capitalization of $1.16 billion, a PE ratio of 25.44 and a beta of 1.09. Shutterstock has a 52-week low of $28.95 and a 52-week high of $54.40. The firm's 50 day simple moving average is $33.14 and its 200-day simple moving average is $37.29.

Shutterstock (NYSE:SSTK - Get Free Report) 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). Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The firm had revenue of $220.05 million during the quarter, compared to the consensus estimate of $213.44 million. During the same quarter in the prior year, the firm posted $0.76 earnings per share. The business's revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, equities research analysts predict that Shutterstock will post 2.99 earnings per share for the current year.

Shutterstock Dividend Announcement

The company 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 $0.30 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.20 annualized dividend and a yield of 3.65%. Shutterstock's dividend payout ratio (DPR) is 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.