Goldman Sachs Group Inc. Sells 135,985 Shares of Shutterfly, Inc. (NASDAQ:SFLY)
Goldman Sachs Group Inc. lowered its stake in shares of Shutterfly, Inc. (NASDAQ:SFLY) by 44.6% during the first quarter, Holdings Channel reports. The institutional investor owned 169,205 shares of the technology company’s stock after selling 135,985 shares during the period. Goldman Sachs Group Inc.’s holdings in Shutterfly were worth $8,171,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Engine Capital Management LLC acquired a new position in Shutterfly during the first quarter worth $2,601,000. Park West Asset Management LLC raised its position in Shutterfly by 31.0% in the first quarter. Park West Asset Management LLC now owns 2,758,936 shares of the technology company’s stock worth $133,229,000 after buying an additional 652,612 shares during the period. Paloma Partners Management Co acquired a new position in Shutterfly during the first quarter worth $1,156,000. Gotham Asset Management LLC acquired a new position in Shutterfly during the first quarter worth $1,379,000. Finally, State Street Corp raised its position in Shutterfly by 25.2% in the first quarter. State Street Corp now owns 942,085 shares of the technology company’s stock worth $45,498,000 after buying an additional 189,583 shares during the period.
Shutterfly, Inc. (NASDAQ SFLY) opened at 47.85 on Friday. The company’s 50-day moving average price is $48.07 and its 200-day moving average price is $48.75. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of 137.11 and a beta of 0.85. Shutterfly, Inc. has a 52 week low of $41.91 and a 52 week high of $54.60.
Shutterfly (NASDAQ:SFLY) last posted its quarterly earnings data on Tuesday, April 25th. The technology company reported ($0.84) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.03) by $0.19. Shutterfly had a return on equity of 3.29% and a net margin of 1.06%. The company had revenue of $191.97 million for the quarter, compared to analysts’ expectations of $187.34 million. During the same period in the previous year, the firm posted ($0.85) EPS. Shutterfly’s revenue was up 5.7% compared to the same quarter last year. Equities analysts forecast that Shutterfly, Inc. will post $0.56 earnings per share for the current fiscal year.
Shutterfly announced that its board has initiated a stock buyback program on Tuesday, April 18th that permits the company to repurchase $140.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 8.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
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SFLY has been the subject of a number of recent analyst reports. Zacks Investment Research raised Shutterfly from a “sell” rating to a “hold” rating in a research note on Tuesday, April 11th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Shutterfly in a research note on Monday, April 10th. TheStreet raised Shutterfly from a “c” rating to a “b” rating in a research note on Monday, April 17th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $53.00 price objective (up previously from $46.00) on shares of Shutterfly in a research note on Wednesday, April 26th. Finally, Royal Bank Of Canada upped their price objective on Shutterfly from $54.00 to $59.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 26th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. Shutterfly has an average rating of “Hold” and a consensus price target of $53.10.
In other news, Director William J. Lansing acquired 20,000 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The shares were bought at an average cost of $52.02 per share, for a total transaction of $1,040,400.00. Following the acquisition, the director now owns 20,000 shares in the company, valued at approximately $1,040,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher North sold 27,606 shares of Shutterfly stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $49.66, for a total value of $1,370,913.96. Following the completion of the sale, the chief executive officer now owns 40,000 shares in the company, valued at $1,986,400. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,290 shares of company stock worth $2,958,580. 5.70% of the stock is currently owned by insiders.
Shutterfly Company Profile
Shutterfly, Inc is an online manufacturer and retailer of personalized products and services. The Company focuses on helping consumers manage their memories through the medium of photography. The Company’s segments are Consumer and Shutterfly Business Solutions (SBS). The Consumer segment offers photo-based products, such as photo books, stationery and greeting cards, other photo-based merchandise, photo prints and statement gifts.
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