Discovery Group reports owning 5.5% of Shutterfly

By Lisa Kerner

Charlotte, N.C., Aug. 15 - A group of investors led by Discovery Group I, LLC reported a 5.5% stake in Shutterfly, Inc. following a series of share purchases between June 16 and Aug. 7.

The shares were purchased at prices from $8.70 to $14.50.

According to a schedule 13D filed with the Securities and Exchange Commission, the investors beneficially own 1,387,104 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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