Jefferies Cuts Price Target on Shutterstock (SSTK) Following Mixed 3Q

November 7, 2016 9:27 AM EST
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Price: $51.41 --0%

Rating Summary:
    2 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 11 | New: 7
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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."

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 $48.40 yesterday.

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