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NEW YORK - Shutterstock , Inc. (NYSE: NYSE:SSTK), a global provider of creative content, announced today the appointment of Jaime Teevan, Chief Scientist and Technical Fellow at Microsoft (NASDAQ:MSFT), to its board of directors. Teevan's extensive background in AI and her role in leading innovation at Microsoft are expected to contribute significantly to Shutterstock's strategic direction, particularly in the field of artificial intelligence.
Teevan has been recognized for her research in productivity and personalized search, including her role in developing the first personalized search algorithm for Bing and spearheading Microsoft 365's Copilot feature. Her expertise in ethical AI and her influence on Microsoft's hybrid work research during the pandemic have established her as a leading figure in the AI community.
Teevan, who holds a Ph.D. in AI from MIT and a B.S. from Yale, is also an Affiliate Professor at the University of Washington.
Shutterstock's CEO, Paul Hennessy, expressed his anticipation of Teevan's contributions to the company's navigation of the AI landscape, citing her insights into AI's relationship with human creativity as particularly relevant to Shutterstock's mission. The company has been actively expanding its data business, focusing on data licensing, metadata enhancement, and model development, which has led to collaborations with tech giants like NVIDIA (NASDAQ:NVDA), Meta (NASDAQ:META), OpenAI, and LG.
The addition of Teevan is part of Shutterstock's broader strategy to integrate senior leaders with technical expertise into its organization. This move is aimed at bolstering the company's machine learning and generative services to meet the demands of enterprise customers and to support its target of double-digit growth by 2027.
Shutterstock's commitment to ethical AI practices has positioned it as a partner of choice in developing generative AI tools and standards for creators. With a vast library of content enriched with metadata, the company is a key player in the AI space, providing resources for training AI capabilities.
The information for this article is based on a press release statement from Shutterstock, Inc.
InvestingPro Insights
As Shutterstock, Inc. (NYSE: SSTK) continues to enhance its strategic position in the AI space with the appointment of Jaime Teevan to its board, the company's financial health and market performance provide additional insights. According to InvestingPro data, Shutterstock boasts a market capitalization of $1.26 billion and a P/E ratio of 13.51, which adjusts to 15.64 when considering the last twelve months as of Q1 2024. This relatively low P/E ratio, especially when juxtaposed with near-term earnings growth, suggests that the company is trading at a value that may catch the attention of investors seeking growth at a reasonable price.
An InvestingPro Tip highlights that Shutterstock has raised its dividend for four consecutive years, which could be appealing for income-focused investors, especially considering the solid dividend yield of 3.42% as of the most recent data. Furthermore, the company's cash flows are reported to be robust enough to cover interest payments, an indicator of financial stability and prudent cash management.
While Shutterstock's stock has been trading near its 52-week low, which may raise concerns, it's worth noting that analysts predict the company will remain profitable this year. This is reinforced by the company's profitability over the last twelve months. For investors interested in exploring more about Shutterstock's financials and future prospects, InvestingPro offers additional tips and metrics. There are currently 7 more InvestingPro Tips available for Shutterstock, which can be accessed by visiting https://www.investing.com/pro/SSTK. Don't forget to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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