Kavi Asset Management Lp Lowers stake in Shutterfly (SFLY)

Shutterfly (SFLY) : Kavi Asset Management Lp reduced its stake in Shutterfly by 30.96% during the most recent quarter end. The investment management company now holds a total of 153,203 shares of Shutterfly which is valued at $7.2 Million after selling 68,697 shares in Shutterfly , the firm said in a disclosure report filed with the SEC on May 13, 2016.Shutterfly makes up approximately 6.29% of Kavi Asset Management Lp’s portfolio.

Other Hedge Funds, Including , Ajo Lp boosted its stake in SFLY in the latest quarter, The investment management firm added 41,964 additional shares and now holds a total of 87,286 shares of Shutterfly which is valued at $4.1 Million. Shutterfly makes up approx 0.02% of Ajo Lp’s portfolio.Airain Ltd boosted its stake in SFLY in the latest quarter, The investment management firm added 11,762 additional shares and now holds a total of 39,421 shares of Shutterfly which is valued at $1.9 Million. Shutterfly makes up approx 0.13% of Airain Ltd’s portfolio. Checchi Capital Advisers added SFLY to its portfolio by purchasing 117 company shares during the most recent quarter which is valued at $5,518. Quantitative Investment Management added SFLY to its portfolio by purchasing 4,500 company shares during the most recent quarter which is valued at $212,220. Shutterfly makes up approx 0.01% of Quantitative Investment Management’s portfolio.Russell Frank Co reduced its stake in SFLY by selling 43,429 shares or 16.58% in the most recent quarter. The Hedge Fund company now holds 218,455 shares of SFLY which is valued at $10 Million. Shutterfly makes up approx 0.02% of Russell Frank Co’s portfolio.

Shutterfly closed down -0.08 points or -0.17% at $46.21 with 1,51,744 shares getting traded on Wednesday. Post opening the session at $46.3, the shares hit an intraday low of $45.47 and an intraday high of $46.61 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Shutterfly reported $-0.85 EPS for the quarter, beating the analyst consensus estimate by $ 0.15 according to the earnings call on Apr 27, 2016. Analyst had a consensus of $-1.00. The company had revenue of $181.70 million for the quarter, compared to analysts expectations of $178.31 million. The company’s revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-1.19 EPS.

Many Wall Street Analysts have commented on Shutterfly. Company shares were Reiterated by RBC Capital Mkts on Apr 28, 2016 to “Outperform”, Firm has raised the Price Target to $ 52 from a previous price target of $48 .Company shares were Reiterated by Barclays on Apr 28, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 45 from a previous price target of $40 .Company shares were Reiterated by Axiom Capital on Feb 19, 2016 to “Buy”, Firm has raised the Price Target to $ 51 from a previous price target of $49 .

Shutterfly Inc. is a manufacturer and digital retailer of personalized photo-based products and services. The Company’s segments include Consumer and Enterprise. Its products and services are offered through a family of lifestyle brands including Shutterfly Tiny Prints Wedding Paper Divas ThisLife MyPublisher and BorrowLenses. The Company produces and sells bound photo books greeting and stationery cards personalized calendars other photo-based merchandise and prints. It sells a range of photo-based merchandise such as calendars mugs canvas prints mouse pads magnets and puzzles. The Consumer segment sells photo-based products such as photo books stationery and greeting cards other photo-based merchandise photo prints and also ships as well as rents the BorrowLenses brand of products. The Enterprise segment is engaged in printing and shipping of direct marketing and other variable data print products and formats.

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