Shutterfly, Inc. (SFLY) Coverage Initiated by Analysts at SunTrust Banks, Inc.
Investment analysts at SunTrust Banks, Inc. began coverage on shares of Shutterfly, Inc. (NASDAQ:SFLY) in a report issued on Tuesday, The Fly reports. The brokerage set a “buy” rating on the technology company’s stock.
Other analysts also recently issued research reports about the company. Robert W. Baird reiterated a “neutral” rating and issued a $50.00 price objective (up previously from $47.00) on shares of Shutterfly in a research report on Saturday, April 29th. Cantor Fitzgerald reiterated a “buy” rating and issued a $57.00 price objective on shares of Shutterfly in a research report on Tuesday, May 16th. Zacks Investment Research upgraded Shutterfly from a “sell” rating to a “hold” rating in a research report on Wednesday, April 26th. Aegis reiterated a “buy” rating and issued a $57.00 price objective on shares of Shutterfly in a research report on Wednesday, April 26th. Finally, Royal Bank Of Canada boosted their price objective on Shutterfly from $54.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, April 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $53.89.
Shares of Shutterfly (SFLY) traded down 0.92% on Tuesday, reaching $46.18. 338,734 shares of the company were exchanged. Shutterfly has a 12-month low of $41.91 and a 12-month high of $53.99. The firm has a market capitalization of $1.54 billion, a PE ratio of 281.59 and a beta of 0.85. The stock’s 50-day moving average is $47.47 and its 200 day moving average is $48.20.
Shutterfly (NASDAQ:SFLY) last issued its earnings results on Tuesday, July 25th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.55) by $0.13. The firm had revenue of $209.03 million during the quarter, compared to analysts’ expectations of $209.46 million. Shutterfly had a return on equity of 3.61% and a net margin of 0.50%. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.48) EPS. On average, analysts forecast that Shutterfly will post $0.46 EPS for the current year.
Shutterfly announced that its board has approved a share repurchase program on Tuesday, April 18th that authorizes the company to repurchase $140.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 8.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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In related news, Director Betsy Rafael sold 1,060 shares of the stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $47.76, for a total transaction of $50,625.60. Following the sale, the director now directly owns 5,046 shares of the company’s stock, valued at $240,996.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ann Mather sold 4,295 shares of the stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $48.30, for a total value of $207,448.50. Following the sale, the director now directly owns 9,658 shares in the company, valued at $466,481.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,290 shares of company stock worth $2,958,580. Insiders own 5.70% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Elkfork Partners LLC acquired a new stake in Shutterfly during the first quarter valued at approximately $116,000. First Trust Advisors LP increased its position in Shutterfly by 66.4% in the first quarter. First Trust Advisors LP now owns 32,520 shares of the technology company’s stock worth $1,570,000 after buying an additional 12,971 shares in the last quarter. Wedge Capital Management L L P NC increased its position in Shutterfly by 21.6% in the first quarter. Wedge Capital Management L L P NC now owns 8,138 shares of the technology company’s stock worth $393,000 after buying an additional 1,446 shares in the last quarter. Great West Life Assurance Co. Can increased its position in Shutterfly by 1,257.1% in the first quarter. Great West Life Assurance Co. Can now owns 47,377 shares of the technology company’s stock worth $2,285,000 after buying an additional 43,886 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in Shutterfly by 6.7% in the first quarter. Canada Pension Plan Investment Board now owns 220,140 shares of the technology company’s stock worth $10,631,000 after buying an additional 13,900 shares in the last quarter.
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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