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Shutterstock Analyst Highlights Mixed Q3 With Margins Offsetting Demand Headwinds

Published 25/10/2022, 19:30
© Reuters.  Shutterstock Analyst Highlights Mixed Q3 With Margins Offsetting Demand Headwinds
SSTK
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  • Needham analyst Bernie McTernan reiterated a Buy on Shutterstock, Inc (NYSE: SSTK) with a $70 price target.
  • Shutterstock reported third-quarter FY22 revenue growth of 10% year-on-year to $204.1 million in constant currencies, missing the consensus of $213.8 million.
  • Adjusted EPS of $1.00 beat the consensus of $0.89.
  • SSTK reported a mixed quarter with the macro and demand headwinds weighing on revenue, causing SSTK to miss consensus expectations and lower the FY'22E guide.
  • Still, SSTK beat on adjusted EBITDA in the quarter and raised the midpoint of FY'22E guidance driven by higher margins.
  • He expects the focus of the call to be on analyzing SSTK's ability to grow in a more challenging macro environment while also balancing competition and disruptive technology with SSTK announcing a partnership with OpenAI, an AI-content creation platform.
  • Price Action: SSTK shares traded higher by 13.44% at $51.98 on the last check Tuesday.
  • Photo Via Company
Latest Ratings for SSTK DateFirmActionFromTo
Feb 2022NeedhamMaintainsBuy
Oct 2021NeedhamMaintainsBuy
Jul 2021NeedhamMaintainsBuy
View More Analyst Ratings for SSTK

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