Jefferies Raises Price Target on Shutterstock (SSTK) Following Decent 1Q Report

Jefferies reiterated a Hold rating on Shutterstock (NYSE: SSTK), and raised the price target to $45.00 (from $40.00), following the company's 1Q earnings report. Revenues were reported at $117M, compared to consensus estimates of $116M. Adjusted EBITDA was $24M, ahead of consensus estimates of $21M.

Analyst Brian Fitzgerald commented, "A decent print highlighted by revenue and EBITDA slightly above Street expectations. Overall trends look favorable and our proprietary scrapes (updated on pg 2) point toward continued acceleration in image and video library additions. The enterprise business continues to grow nicely (business accounts +80% Y/Y)."

For an analyst ratings summary and ratings history on Shutterstock click here. For more ratings news on Shutterstock click here.

Shares of Shutterstock closed at $40.18 yesterday.

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