Shutterfly shareholder Discovery Group cuts interest to 4.7%

By Lisa Kerner

Charlotte, N.C., March 16 - A group of investors led by Discovery Group I, LLC reported a 4.7% stake in Shutterfly, Inc. following a series of share sales between Feb. 5 and March 13.

The shares were sold at prices from $8.13 to $9.0425 each.

According to a schedule 13D/A filed with the Securities and Exchange Commission, the investors beneficially own 1,194,284 shares of the Redwood City, Calif.-based company.

Shutterfly is a personal publishing service that enables consumers to share, print and preserve photos.

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