Shutterstock (NYSE:SSTK) Posts Earnings Results, Beats Estimates By $0.14 EPS

Shutterstock (NYSE:SSTKGet Rating) announced its quarterly earnings data on Tuesday. The business services provider reported $1.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.14, MarketWatch Earnings reports. Shutterstock had a net margin of 11.88% and a return on equity of 22.08%. The company had revenue of $199.10 million during the quarter, compared to analysts’ expectations of $202.01 million. During the same quarter in the prior year, the company earned $0.81 EPS. The firm’s revenue was up 8.6% on a year-over-year basis. Shutterstock updated its FY22 guidance to $3.65-$3.80 EPS and its FY 2022 guidance to $3.650-$3.800 EPS.

Shares of NYSE SSTK traded down $2.82 during trading on Tuesday, reaching $74.97. 11,985 shares of the company traded hands, compared to its average volume of 289,708. The firm has a 50 day simple moving average of $88.69 and a 200-day simple moving average of $101.64. The stock has a market capitalization of $2.74 billion, a PE ratio of 31.62, a P/E/G ratio of 9.02 and a beta of 1.18. Shutterstock has a 52-week low of $76.06 and a 52-week high of $128.36.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 16th. Shareholders 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 yield of 1.28%. Shutterstock’s dividend payout ratio is currently 39.02%.

In related news, Chairman Jonathan Oringer sold 12,119 shares of the firm’s stock in a transaction that occurred on Thursday, February 3rd. The shares were sold at an average price of $90.64, for a total value of $1,098,466.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Steven Ciardiello sold 1,557 shares of Shutterstock stock in a transaction that occurred on Wednesday, March 9th. The shares were sold at an average price of $88.78, for a total transaction of $138,230.46. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 208,229 shares of company stock worth $18,885,608. Insiders own 37.40% of the company’s stock.

A number of large investors have recently modified their holdings of the business. BlackRock Inc. raised its position in shares of Shutterstock by 6.8% during the fourth quarter. BlackRock Inc. now owns 3,858,568 shares of the business services provider’s stock valued at $427,838,000 after buying an additional 246,016 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Shutterstock by 28.4% during the fourth quarter. Wells Fargo & Company MN now owns 41,292 shares of the business services provider’s stock valued at $4,579,000 after buying an additional 9,143 shares during the last quarter. Comerica Bank raised its position in shares of Shutterstock by 50.0% during the fourth quarter. Comerica Bank now owns 67,531 shares of the business services provider’s stock valued at $6,328,000 after buying an additional 22,519 shares during the last quarter. NewEdge Advisors LLC bought a new stake in shares of Shutterstock during the fourth quarter valued at approximately $451,000. Finally, Virtu Financial LLC bought a new stake in shares of Shutterstock during the fourth quarter valued at approximately $262,000. 65.41% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have weighed in on the stock. Zacks Investment Research cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Thursday, February 17th. Needham & Company LLC dropped their target price on shares of Shutterstock from $145.00 to $115.00 and set a “buy” rating for the company in a research report on Friday, February 11th. Finally, StockNews.com assumed coverage on shares of Shutterstock in a research report on Thursday, March 31st. They issued a “buy” rating for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Shutterstock presently has an average rating of “Buy” and a consensus target price of $122.50.

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

Earnings History for Shutterstock (NYSE:SSTK)

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