ShoreTel Inc. (SHOR) Raised to “Hold” at Zacks Investment Research
According to Zacks, “ShoreTel is a leading provider of enterprise IP telephony solutions. ShoreTel voice systems provide customers with a number of key benefits, including ease of use, manageability and lower total cost of ownership than alternative solutions. ShoreTel’s distributed software architecture and switched-based hardware platform extend enterprise-class voice services to every office and outpost, keeping employees fully connected wherever they go. ShoreTel has achieved broad industry recognition for its technology and high customer satisfaction. For the last four years, IT executives surveyed by Nemertes Research, an independent research firm, have rated ShoreTel highest in customer satisfaction among leading enterprise telecommunications systems providers. A select, worldwide group of channel partners provide service and support. ShoreTel is headquartered in Sunnyvale, California, and has regional offices in the United Kingdom, Sydney, Australia and Munich, Germany. “
Separately, William Blair reiterated a buy rating on shares of ShoreTel in a research report on Tuesday, May 24th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $11.25.
ShoreTel (NASDAQ:SHOR) opened at 8.19 on Friday. The company’s 50-day moving average is $8.06 and its 200 day moving average is $7.18. ShoreTel has a 12-month low of $5.83 and a 12-month high of $10.56. The stock’s market capitalization is $551.92 million.
ShoreTel (NASDAQ:SHOR) last announced its earnings results on Thursday, August 4th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.06. ShoreTel had a positive return on equity of 2.31% and a negative net margin of 1.32%. The firm had revenue of $94.60 million for the quarter, compared to analyst estimates of $90.57 million. During the same quarter last year, the firm posted $0.12 EPS. The business’s revenue was up .4% on a year-over-year basis. On average, equities research analysts expect that ShoreTel will post $0.01 earnings per share for the current fiscal year.
In related news, SVP Bharath Oruganti sold 13,125 shares of the stock in a transaction on Friday, August 5th. The stock was sold at an average price of $8.50, for a total value of $111,562.50. Following the completion of the transaction, the senior vice president now directly owns 36,724 shares of the company’s stock, valued at approximately $312,154. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.40% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. increased its stake in shares of ShoreTel by 10.4% in the first quarter. Jacobs Levy Equity Management Inc. now owns 346,336 shares of the company’s stock worth $2,577,000 after buying an additional 32,502 shares during the period. Princeton Alpha Management LP bought a new stake in shares of ShoreTel during the second quarter worth about $151,000. Diker Management LLC bought a new stake in shares of ShoreTel during the first quarter worth about $670,000. SECOR Capital Advisors LP increased its stake in shares of ShoreTel by 36.2% in the second quarter. SECOR Capital Advisors LP now owns 51,981 shares of the company’s stock worth $348,000 after buying an additional 13,825 shares during the period. Finally, GSA Capital Partners LLP increased its stake in shares of ShoreTel by 34.7% in the second quarter. GSA Capital Partners LLP now owns 313,373 shares of the company’s stock worth $2,096,000 after buying an additional 80,730 shares during the period. 90.24% of the stock is owned by hedge funds and other institutional investors.
Shoretel, Inc (ShoreTel) is engaged in the design, development, marketing and sale of business communication solutions. The Company provides business communication solutions, including integrated voice, video, data and mobile applications based on Internet protocol (IP) technologies. It is focused on the small and medium sized businesses (less than 5,000 users), with a Unified Communications platform.
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