ShoreTel Inc. (SHOR) Upgraded at Zacks Investment Research
ShoreTel Inc. (NASDAQ:SHOR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
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 reissued a “buy” rating on shares of ShoreTel in a research report on Tuesday, May 24th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. ShoreTel presently has an average rating of “Buy” and an average target price of $11.25.
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ShoreTel (NASDAQ:SHOR) opened at 8.03 on Friday. The stock’s market cap is $540.42 million. The stock has a 50 day moving average of $8.00 and a 200-day moving average of $7.17. ShoreTel has a 52 week low of $5.83 and a 52 week high of $10.56.
ShoreTel (NASDAQ:SHOR) last released its earnings results on Thursday, August 4th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.06. The business had revenue of $94.60 million for the quarter, compared to the consensus estimate of $90.57 million. ShoreTel had a negative net margin of 1.32% and a positive return on equity of 2.31%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the firm posted $0.12 earnings per share. Analysts forecast that ShoreTel will post $0.01 earnings per share for the current year.
In related news, SVP Bharath Oruganti sold 13,125 shares of the business’s stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $8.50, for a total transaction of $111,562.50. Following the transaction, the senior vice president now directly owns 36,724 shares of the company’s stock, valued at $312,154. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.40% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Franklin Resources Inc. increased its position 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. Menta Capital LLC increased its position 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 increased its position 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. State Street Corp increased its position 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. Finally, Goldman Sachs Group Inc. increased its position in shares of ShoreTel by 45.0% in the first quarter. Goldman Sachs Group Inc. now owns 224,424 shares of the company’s stock worth $1,670,000 after buying an additional 69,636 shares during the last quarter. 91.28% of the stock is currently 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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