- Needham analyst Bernie McTernan reiterated a Buy on Shutterstock, Inc 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
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