Shutterstock (NYSE:SSTK) Issues FY 2022 Earnings Guidance

Shutterstock (NYSE:SSTKGet Rating) issued an update on its FY 2022 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $3.650-$3.800 for the period, compared to the Thomson Reuters consensus estimate of $3.570. The company issued revenue guidance of $835 million-$850 million, compared to the consensus revenue estimate of $843.93 million.Shutterstock also updated its FY22 guidance to $3.65-$3.80 EPS.

Shutterstock stock opened at $77.79 on Tuesday. Shutterstock has a 52 week low of $76.06 and a 52 week high of $128.36. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of 31.62, a price-to-earnings-growth ratio of 9.02 and a beta of 1.18. The stock has a 50-day moving average price of $88.69 and a 200 day moving average price of $101.64.

Shutterstock (NYSE:SSTKGet Rating) last released its earnings results on Thursday, February 10th. The business services provider reported $0.57 EPS for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.29. Shutterstock had a return on equity of 22.08% and a net margin of 11.88%. The firm had revenue of $205.78 million during the quarter, compared to the consensus estimate of $201.92 million. During the same quarter in the previous year, the company posted $0.71 earnings per share. The company’s revenue was up 13.7% compared to the same quarter last year. On average, analysts expect that Shutterstock will post 2.49 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 16th. Stockholders of record on Thursday, June 2nd will be paid a dividend of $0.24 per share. The ex-dividend date is Wednesday, June 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.23%. Shutterstock’s payout ratio is 39.02%.

A number of equities research analysts have recently commented on SSTK shares. Zacks Investment Research cut shares of Shutterstock from a buy rating to a hold rating in a research note on Thursday, February 17th. Needham & Company LLC dropped their price objective on shares of Shutterstock from $145.00 to $115.00 and set a buy rating on the stock in a research note on Friday, February 11th. Finally, StockNews.com started coverage on shares of Shutterstock in a research note on Thursday, March 31st. They set a buy rating on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Shutterstock presently has an average rating of Buy and a consensus target price of $122.50.

In other news, CAO Steven Ciardiello sold 1,557 shares of the company’s stock in a transaction on Wednesday, March 9th. The shares were sold at an average price of $88.78, for a total transaction of $138,230.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Jonathan Oringer sold 12,119 shares of the company’s stock in a transaction on Thursday, February 3rd. The stock was sold at an average price of $90.64, for a total transaction of $1,098,466.16. The disclosure for this sale can be found here. In the last three months, insiders sold 208,229 shares of company stock valued at $18,885,608. 37.40% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Shutterstock by 6.8% during the 4th quarter. BlackRock Inc. now owns 3,858,568 shares of the business services provider’s stock valued at $427,838,000 after acquiring an additional 246,016 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Shutterstock by 28.4% during the 4th quarter. Wells Fargo & Company MN now owns 41,292 shares of the business services provider’s stock valued at $4,579,000 after acquiring an additional 9,143 shares during the last quarter. Comerica Bank boosted its position in shares of Shutterstock by 50.0% during the 4th quarter. Comerica Bank now owns 67,531 shares of the business services provider’s stock valued at $6,328,000 after acquiring an additional 22,519 shares during the last quarter. NewEdge Advisors LLC acquired a new position in shares of Shutterstock during the 4th quarter valued at about $451,000. Finally, Virtu Financial LLC acquired a new position in shares of Shutterstock during the 4th quarter valued at about $262,000. 65.41% of the stock is currently 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.

Further Reading

Receive News & Ratings for Shutterstock Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shutterstock and related companies with MarketBeat.com's FREE daily email newsletter.