Topology design of compliant mechanisms has gained wide popularity among the scientific community, and their use in the mechanical engineering field is being of upmost importance. In this paper, an isogeometric analysis (IGA) formulation is used to solve the topology optimization problem of compliant mechanisms. Stress constraints are introduced in the problem to guarantee the attainment of realistic solutions. For this purpose, an overweight constraint is considered for the design process, replacing the use of local stress constraints. The material distribution in the domain is modeled with quadratic B-splines and with a uniform relative density within each element of the mesh. These strategies to define the material layout are used to compare the IGA-based formulation with the finite element (FEM) formulation. The IGA formulation provides several advantages with respect to the classical FEM-based approaches that are shown and analyzed with an input-parameters sensitivity analysis. The sensitivity analysis and the assessment of the importance of introducing of stress constraints in the problem are developed by solving two benchmark problems. Regarding the sensitivity analysis of input parameters, the results show that the ratio between the material and the springs stiffnesses is the parameter with the largest influence on the solutions of the problem. Moreover, the advantages of the IGA formulations over FEM formulations are related with the computational time, the smoothness of the structural borders, and the non-appearance of the checkerboard patterns. With respect to the stress constraints, the results show that they have to be considered in order to avoid instability and structural integrity problems.