Shutterstock (NYSE:SSTK) Releases FY 2022 Earnings Guidance

Shutterstock (NYSE:SSTKGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $3.65-$3.80 for the period, compared to the consensus estimate of $3.64. The company issued revenue guidance of $835.00 million-$850.00 million, compared to the consensus revenue estimate of $842.25 million.

Shutterstock Stock Performance

Shares of NYSE SSTK opened at $60.03 on Friday. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 28.32, a PEG ratio of 2.76 and a beta of 1.15. The stock has a 50 day moving average price of $57.89 and a 200 day moving average price of $74.47. Shutterstock has a 52-week low of $50.04 and a 52-week high of $128.36.

Shutterstock (NYSE:SSTKGet Rating) last posted its earnings results on Tuesday, July 26th. The business services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.12). The company had revenue of $206.90 million for the quarter, compared to analysts’ expectations of $209.17 million. Shutterstock had a return on equity of 21.42% and a net margin of 9.79%. The firm’s quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 EPS. Analysts forecast that Shutterstock will post 2.92 earnings per share for the current year.

Shutterstock Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date is Wednesday, August 31st. Shutterstock’s payout ratio is presently 45.28%.

Analyst Ratings Changes

Several research firms recently issued reports on SSTK. Truist Financial cut their target price on Shutterstock from $120.00 to $100.00 and set a buy rating on the stock in a research report on Wednesday, July 27th. JMP Securities reissued a buy rating and issued a $125.00 target price on shares of Shutterstock in a research report on Thursday, May 26th. TheStreet downgraded Shutterstock from a b- rating to a c+ rating in a research report on Thursday, June 16th. Needham & Company LLC cut their target price on Shutterstock from $100.00 to $70.00 and set a buy rating on the stock in a research report on Wednesday, July 27th. Finally, Morgan Stanley started coverage on Shutterstock in a research report on Thursday, July 28th. They issued an equal weight rating and a $54.00 target price on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Shutterstock currently has a consensus rating of Moderate Buy and a consensus target price of $87.25.

Insider Buying and Selling at Shutterstock

In other Shutterstock news, Director Paul J. Hennessy purchased 10,000 shares of the stock in a transaction on Friday, June 10th. The shares were bought at an average cost of $56.47 per share, with a total value of $564,700.00. Following the completion of the acquisition, the director now owns 31,134 shares in the company, valued at $1,758,136.98. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Deirdre Mary Bigley sold 426 shares of the stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $60.59, for a total transaction of $25,811.34. Following the sale, the director now directly owns 9,528 shares of the company’s stock, valued at approximately $577,301.52. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Paul J. Hennessy bought 10,000 shares of the stock in a transaction dated Friday, June 10th. The shares were purchased at an average cost of $56.47 per share, for a total transaction of $564,700.00. Following the completion of the purchase, the director now owns 31,134 shares in the company, valued at $1,758,136.98. The disclosure for this purchase can be found here. 35.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Shutterstock

Several hedge funds have recently modified their holdings of SSTK. Quantbot Technologies LP purchased a new position in Shutterstock in the 1st quarter valued at about $27,000. Covestor Ltd lifted its stake in Shutterstock by 88.6% in the 1st quarter. Covestor Ltd now owns 349 shares of the business services provider’s stock valued at $33,000 after buying an additional 164 shares in the last quarter. Captrust Financial Advisors raised its holdings in Shutterstock by 470.5% in the 1st quarter. Captrust Financial Advisors now owns 753 shares of the business services provider’s stock valued at $70,000 after acquiring an additional 621 shares during the last quarter. US Bancorp DE raised its holdings in Shutterstock by 72.6% in the 1st quarter. US Bancorp DE now owns 2,196 shares of the business services provider’s stock valued at $204,000 after acquiring an additional 924 shares during the last quarter. Finally, Sawgrass Asset Management LLC acquired a new stake in Shutterstock in the 1st quarter valued at about $219,000. 66.33% of the stock is owned by hedge funds and other institutional investors.

About Shutterstock

(Get Rating)

Shutterstock, Inc, a technology company, provides quality content, and creative workflow solutions in North America, Europe, and internationally. It 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, and 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.

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