Jefferies reiterated a Hold rating on Shutterstock (NYSE: SSTK), and raised the price target to $40.00 (from $39.00), following the company's 4Q earnings report. Revenues were $116M, compared to consensus' estimate of $117M. Adjusted EBITDA was $26M, a slight beat to the Street's $24M.

Analyst Brian Fitzgerald commented, "4Q15 Revenue was slightly below consensus, but beat on EBITDA. Downloads continue to increase nicely, as consumers download on average 4.7 images/ second. Investment in tech will occur in 1H16 to bolster the front and back ends, a positive in our view."

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 $34.81 yesterday.