ShoreTel Inc. (SHOR) Rating Increased to Hold at Zacks Investment Research
ShoreTel Inc. (NASDAQ:SHOR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research 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 reiterated a “buy” rating on shares of ShoreTel in a research note on Saturday, July 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $11.25.
Shares of ShoreTel (NASDAQ:SHOR) opened at 8.28 on Friday. The firm’s market cap is $557.99 million. The stock has a 50 day moving average price of $8.05 and a 200 day moving average price of $7.18. ShoreTel has a 12 month low of $5.83 and a 12 month high of $10.56.
ShoreTel (NASDAQ:SHOR) last issued its earnings results on Thursday, August 4th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 business earned $94.60 million during the quarter, compared to the consensus estimate of $90.57 million. During the same period last year, the business posted $0.12 EPS. ShoreTel’s revenue was up .4% on a year-over-year basis. On average, equities research analysts expect that ShoreTel will post $0.01 EPS for the current year.
In other ShoreTel news, SVP Bharath Oruganti sold 13,125 shares of the stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $8.50, for a total value of $111,562.50. Following 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 legal filing with the SEC, which can be accessed through this hyperlink. 3.40% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. boosted its position in ShoreTel by 1.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 217,953 shares of the company’s stock valued at $1,459,000 after buying an additional 4,080 shares in the last quarter. Wedge Capital Management L L P NC boosted its position in shares of ShoreTel by 20.6% in the second quarter. Wedge Capital Management L L P NC now owns 165,500 shares of the company’s stock valued at $1,107,000 after buying an additional 28,300 shares in the last quarter. Highbridge Capital Management LLC acquired a new position in shares of ShoreTel during the second quarter valued at approximately $345,000. Vista Equity Partners Management LLC acquired a new position in shares of ShoreTel during the second quarter valued at approximately $2,613,000. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of ShoreTel during the second quarter valued at approximately $180,000. 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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