Shutterstock (NYSE:SSTK) Posts Earnings Results, Misses Expectations By $0.01 EPS

Shutterstock (NYSE:SSTK) announced its quarterly earnings data on Tuesday. The business services provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01), Briefing.com reports. 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 analysts’ expectations of $213.44 million. During the same quarter in the previous year, the firm earned $0.76 earnings per share. Shutterstock’s revenue was up 5.4% on a year-over-year basis. Shutterstock updated its FY24 guidance to $4.18 to $4.32 EPS and its FY 2024 guidance to 4.180-4.320 EPS.

Shutterstock Stock Performance

Shares of NYSE:SSTK traded down $1.16 on Friday, reaching $36.55. The company’s stock had a trading volume of 435,729 shares, compared to its average volume of 494,083. The company has a 50-day simple moving average of $39.21 and a 200 day simple moving average of $42.70. Shutterstock has a 52-week low of $33.67 and a 52-week high of $54.40. The company has a market cap of $1.31 billion, a P/E ratio of 14.17 and a beta of 1.12.

Shutterstock Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.20 annualized dividend and a yield of 3.28%. Shutterstock’s dividend payout ratio (DPR) is currently 46.51%.

Insider Activity

In other news, CFO Jarrod Yahes bought 5,350 shares of Shutterstock stock in a transaction dated Friday, May 24th. The shares were acquired at an average price of $37.35 per share, with a total value of $199,822.50. Following the completion of the purchase, the chief financial officer now owns 43,904 shares in the company, valued at approximately $1,639,814.40. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Shutterstock news, CEO Paul J. Hennessy acquired 12,500 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were bought at an average price of $38.38 per share, with a total value of $479,750.00. Following the transaction, the chief executive officer now directly owns 87,803 shares of the company’s stock, valued at approximately $3,369,879.14. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jarrod Yahes bought 5,350 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were acquired at an average price of $37.35 per share, with a total value of $199,822.50. Following the completion of the transaction, the chief financial officer now owns 43,904 shares of the company’s stock, valued at approximately $1,639,814.40. The disclosure for this purchase can be found here. Corporate insiders own 32.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Truist Financial dropped their price objective on shares of Shutterstock from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, May 6th. Morgan Stanley lifted their price objective on shares of Shutterstock from $55.00 to $58.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price target on shares of Shutterstock in a research note on Tuesday.

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.