$179.13 Million in Sales Expected for Shutterstock, Inc. (NYSE:SSTK) This Quarter


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Equities analysts predict that Shutterstock, Inc. (NYSE:SSTK) will announce $179.13 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Shutterstock’s earnings. The highest sales estimate is $181.46 million and the lowest is $176.80 million. Shutterstock reported sales of $159.23 million in the same quarter last year, which indicates a positive year-over-year growth rate of 12.5%. The company is expected to report its next earnings results on Tuesday, July 27th.

On average, analysts expect that Shutterstock will report full-year sales of $729.12 million for the current financial year, with estimates ranging from $728.10 million to $730.13 million. For the next financial year, analysts anticipate that the company will report sales of $793.57 million, with estimates ranging from $791.10 million to $796.03 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Shutterstock.

Shutterstock (NYSE:SSTK) last announced its earnings results on Tuesday, April 27th. The business services provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.29. Shutterstock had a net margin of 7.70% and a return on equity of 15.13%. The business had revenue of $183.30 million during the quarter, compared to the consensus estimate of $175.67 million. During the same period in the prior year, the firm earned $0.26 earnings per share. The business’s quarterly revenue was up 13.6% compared to the same quarter last year.

A number of analysts have weighed in on SSTK shares. JMP Securities increased their target price on shares of Shutterstock from $100.00 to $110.00 and gave the stock a “market outperform” rating in a report on Tuesday. Truist increased their target price on shares of Shutterstock from $86.00 to $102.00 in a report on Wednesday, April 28th. Needham & Company LLC began coverage on shares of Shutterstock in a report on Monday. They issued a “buy” rating and a $105.00 price objective on the stock. Zacks Investment Research raised shares of Shutterstock from a “hold” rating to a “buy” rating and set a $103.00 price objective on the stock in a report on Thursday, April 29th. Finally, Truist Securities increased their price objective on shares of Shutterstock from $86.00 to $102.00 in a report on Wednesday, April 28th. Six equities research analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and an average price target of $95.71.

NYSE SSTK traded down $3.14 during trading hours on Tuesday, reaching $84.80. 210,627 shares of the company traded hands, compared to its average volume of 329,697. Shutterstock has a 12 month low of $33.45 and a 12 month high of $104.57. The stock has a market capitalization of $3.10 billion, a PE ratio of 61.01, a PEG ratio of 2.05 and a beta of 1.05. The company has a 50 day moving average of $91.71 and a two-hundred day moving average of $77.72.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 17th. Stockholders of record on Thursday, June 3rd will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, June 2nd. This represents a $0.84 annualized dividend and a dividend yield of 0.99%. Shutterstock’s dividend payout ratio (DPR) is 113.51%.

In other Shutterstock news, CAO Steven Ciardiello sold 1,880 shares of the firm’s stock in a transaction dated Monday, April 5th. The shares were sold at an average price of $91.79, for a total value of $172,565.20. Following the completion of the transaction, the chief accounting officer now directly owns 32,601 shares in the company, valued at $2,992,445.79. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Peter Silvio sold 5,164 shares of the firm’s stock in a transaction dated Friday, March 5th. The stock was sold at an average price of $87.00, for a total transaction of $449,268.00. Following the completion of the transaction, the chief technology officer now owns 24,577 shares of the company’s stock, valued at $2,138,199. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,194 shares of company stock valued at $16,216,452. Insiders own 46.80% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in shares of Shutterstock by 4.3% in the fourth quarter. BlackRock Inc. now owns 3,347,128 shares of the business services provider’s stock worth $239,990,000 after buying an additional 138,396 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Shutterstock by 3.7% during the fourth quarter. Renaissance Technologies LLC now owns 1,332,301 shares of the business services provider’s stock worth $95,526,000 after purchasing an additional 47,700 shares during the period. ProShare Advisors LLC boosted its holdings in shares of Shutterstock by 51.9% during the fourth quarter. ProShare Advisors LLC now owns 541,933 shares of the business services provider’s stock worth $38,857,000 after purchasing an additional 185,203 shares during the period. Copeland Capital Management LLC boosted its holdings in shares of Shutterstock by 84.8% during the first quarter. Copeland Capital Management LLC now owns 484,484 shares of the business services provider’s stock worth $43,138,000 after purchasing an additional 222,344 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Shutterstock by 24.4% during the fourth quarter. Bank of New York Mellon Corp now owns 351,145 shares of the business services provider’s stock worth $25,177,000 after purchasing an additional 68,871 shares during the period. Institutional investors own 64.10% of the company’s stock.

Shutterstock Company Profile

Shutterstock, Inc, a technology company, provides content, and tools and services 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 digital imagery.

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