The firm, which reiterated its "buy" rating on the stock with a price target of $50, cited a year-over-year growth of 45% in worldwide visitation to Shutterstock for the month of January and February.
However, growth in search interest through March was down, analysts noted.
Overall, there were no changes to pricing or promotions by either the company or its rivals during the quarter, leading analysts to believe that the Shutterstock marketplace "remains healthy, benefitting from a larger and growing stock photo library, strong brand, and expanding product offering," according to the firm's note.
Additionally, analysts believe the stock's current risk/reward is attractive.
Shares are slumping by 1.5% to $36.18 on Friday morning.
Based in New York, Shutterstock provides content products and services in North America, Europe, and internationally.
Separately, TheStreet Ratings currently has a "Hold" rating on the stock with a letter grade of C.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and deteriorating net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles' author.
You can view the full analysis from the report here: SSTK