Jefferies Cuts Price Target on Shutterstock (SSTK) Following Mixed 3Q
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Jefferies maintained a Hold rating on Shutterstock (NYSE: SSTK), and cut the price target to $55.00 (from $62.00), following the company's 3Q earnings report. Revenues were $123M, missing consensus estimates of $127M. Non-GAAP EPS was $0.40, ahead of the consensus of $0.33.
Analyst Brian Fitzgerald commented, "SSTK reported modest 3Q results with a slight top line miss and bottom line beat. Enterprise growth continued during the Q in terms of customers and engagement, but is still only ~2% of the overall customer base. Int'l markets continue to be a focus and we see potential for growth in video and music. SSTK announced during the Q that its library is now accessible within Adobe through a plug-in."
Shares of Shutterstock closed at $48.40 yesterday.
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