Shutterfly (SFLY) Downgraded by Goldman Sachs Group to Sell
Shutterfly (NASDAQ:SFLY) was downgraded by investment analysts at Goldman Sachs Group from a “neutral” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, January 17th, MarketBeat Ratings reports. They currently have a $46.00 price objective on the technology company’s stock. Goldman Sachs Group’s target price suggests a potential downside of 33.53% from the company’s current price.
SFLY has been the topic of several other research reports. Aegis reiterated a “buy” rating and set a $57.00 target price on shares of Shutterfly in a report on Wednesday, December 27th. Zacks Investment Research upgraded Shutterfly from a “sell” rating to a “hold” rating in a research note on Thursday, October 26th. SunTrust Banks upped their price objective on Shutterfly to $60.00 and gave the company a “buy” rating in a research note on Friday, January 12th. BidaskClub upgraded Shutterfly from a “sell” rating to a “hold” rating in a research note on Friday, December 29th. Finally, ValuEngine upgraded Shutterfly from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $56.88.
Shutterfly (SFLY) traded down $1.60 on Wednesday, reaching $69.20. The company had a trading volume of 1,291,354 shares, compared to its average volume of 1,810,423. Shutterfly has a fifty-two week low of $39.76 and a fifty-two week high of $74.92. The company has a market capitalization of $2,286.63, a price-to-earnings ratio of 74.41 and a beta of 1.11. The company has a quick ratio of 1.38, a current ratio of 1.40 and a debt-to-equity ratio of 0.53.
Shutterfly announced that its board has initiated a stock repurchase plan on Tuesday, January 30th that allows the company to repurchase outstanding shares. This repurchase authorization allows the technology company to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, CEO Christopher North sold 170,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $67.76, for a total transaction of $11,519,200.00. Following the transaction, the chief executive officer now owns 97,394 shares in the company, valued at $6,599,417.44. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Lisa Blackwood-Kapral sold 719 shares of the stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $40.78, for a total value of $29,320.82. Following the transaction, the chief accounting officer now owns 1,900 shares in the company, valued at approximately $77,482. The disclosure for this sale can be found here. Insiders sold 196,003 shares of company stock worth $12,620,221 in the last 90 days. Corporate insiders own 0.80% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in SFLY. Bamco Inc. NY bought a new position in shares of Shutterfly during the third quarter worth approximately $36,360,000. SQN Investors LP bought a new position in shares of Shutterfly during the second quarter worth approximately $16,275,000. Rice Hall James & Associates LLC increased its stake in shares of Shutterfly by 70.9% during the third quarter. Rice Hall James & Associates LLC now owns 801,520 shares of the technology company’s stock worth $38,858,000 after purchasing an additional 332,434 shares during the period. Renaissance Technologies LLC bought a new position in shares of Shutterfly during the second quarter worth approximately $15,594,000. Finally, Wells Fargo & Company MN increased its stake in shares of Shutterfly by 430.8% during the fourth quarter. Wells Fargo & Company MN now owns 395,028 shares of the technology company’s stock worth $19,653,000 after purchasing an additional 320,604 shares during the period.
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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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