Published On: Sat, Sep 10th, 2016

Zacks Investment Research Upgrades ShoreTel Inc. (SHOR) to “Hold”

ShoreTel Inc. (NASDAQ:SHOR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Saturday.
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 reaffirmed a “buy” rating on shares of ShoreTel in a research note on Saturday, July 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $10.65.

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Shares of ShoreTel (NASDAQ:SHOR) opened at 7.90 on Friday. The company has a 50-day moving average of $7.93 and a 200-day moving average of $7.15. The company’s market capitalization is $531.67 million. ShoreTel has a one year low of $5.83 and a one year high of $10.56.
ShoreTel (NASDAQ:SHOR) last announced its quarterly earnings data 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 negative net margin of 1.32% and a positive return on equity of 2.31%. The firm had revenue of $94.60 million for the quarter, compared to analysts’ expectations of $90.57 million. During the same period last year, the firm earned $0.12 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. On average, analysts anticipate that ShoreTel will post $0.01 earnings per share for the current year.
In other ShoreTel news, SVP Bharath Oruganti sold 13,125 shares of the stock in a transaction on Friday, August 5th. The shares were sold at an average price of $8.50, for a total value of $111,562.50. Following the sale, the senior vice president now directly owns 36,724 shares in the company, valued at $312,154. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 3.40% of the stock is currently owned by company insiders.
Several large investors recently modified their holdings of SHOR. Franklin Resources Inc. raised its stake in shares of ShoreTel by 0.8% in the first quarter. Franklin Resources Inc. now owns 1,467,488 shares of the company’s stock worth $10,918,000 after buying an additional 11,616 shares during the last quarter. BlackRock Group LTD raised its stake in shares of ShoreTel by 13.1% in the first quarter. BlackRock Group LTD now owns 72,976 shares of the company’s stock worth $542,000 after buying an additional 8,444 shares during the last quarter. Menta Capital LLC raised its stake in shares of ShoreTel by 39.3% in the first quarter. Menta Capital LLC now owns 98,524 shares of the company’s stock worth $733,000 after buying an additional 27,811 shares during the last quarter. Spark Investment Management LLC raised its stake in shares of ShoreTel by 29.1% in the first quarter. Spark Investment Management LLC now owns 536,100 shares of the company’s stock worth $3,988,000 after buying an additional 121,000 shares during the last quarter. Finally, State Street Corp raised its stake in shares of ShoreTel by 11.3% in the first quarter. State Street Corp now owns 1,251,724 shares of the company’s stock worth $9,313,000 after buying an additional 126,927 shares during the last quarter. Institutional investors and hedge funds own 92.01% of the company’s stock.
About ShoreTel
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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