Spark Investment Management LLC acquired a new stake in shares of ShoreTel, Inc. (NASDAQ:SHOR) during the second quarter, according to its most recent disclosure with the SEC. The firm acquired 181,900 shares of the communications equipment provider’s stock, valued at approximately $1,055,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Strs Ohio boosted its stake in shares of ShoreTel by 6.1% in the second quarter. Strs Ohio now owns 94,600 shares of the communications equipment provider’s stock valued at $548,000 after buying an additional 5,400 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of ShoreTel during the second quarter valued at about $179,000. Park West Asset Management LLC boosted its stake in shares of ShoreTel by 71.4% in the first quarter. Park West Asset Management LLC now owns 5,519,822 shares of the communications equipment provider’s stock valued at $33,947,000 after buying an additional 2,299,483 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in shares of ShoreTel by 9.4% in the first quarter. Metropolitan Life Insurance Co. NY now owns 43,904 shares of the communications equipment provider’s stock valued at $270,000 after buying an additional 3,760 shares during the last quarter. Finally, Pacific Grove Capital LP boosted its stake in shares of ShoreTel by 60.8% in the first quarter. Pacific Grove Capital LP now owns 724,998 shares of the communications equipment provider’s stock valued at $4,459,000 after buying an additional 274,098 shares during the last quarter. Hedge funds and other institutional investors own 86.37% of the company’s stock.

Shares of ShoreTel, Inc. (NASDAQ SHOR) opened at 7.50 on Thursday. ShoreTel, Inc. has a 52 week low of $5.55 and a 52 week high of $8.50. The firm’s 50-day moving average price is $6.30 and its 200 day moving average price is $6.34. The firm’s market cap is $513.88 million.

ShoreTel (NASDAQ:SHOR) last released its earnings results on Wednesday, August 2nd. The communications equipment provider reported $0.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.04. ShoreTel had a negative net margin of 3.48% and a negative return on equity of 0.67%. The business had revenue of $95.72 million during the quarter, compared to analysts’ expectations of $90.69 million. Equities analysts anticipate that ShoreTel, Inc. will post $0.07 EPS for the current year.

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Several brokerages have issued reports on SHOR. BidaskClub upgraded ShoreTel from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Lake Street Capital cut ShoreTel from a “buy” rating to a “hold” rating and set a $7.50 price objective on the stock. in a research note on Monday, July 31st. Sidoti cut ShoreTel from a “buy” rating to a “neutral” rating in a research note on Friday, July 28th. Northland Securities cut ShoreTel from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $10.00 to $7.50 in a research note on Friday, July 28th. Finally, William Blair cut ShoreTel from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $7.17.

About ShoreTel

ShoreTel, Inc is a provider of business communication solutions. The Company is engaged in the design, development, marketing and sale of business communication solutions. The Company is focused on the small and medium sized businesses seeking a unified communications (UC) solution allowing them to communicate anytime, anyplace and through any device they chose.

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Institutional Ownership by Quarter for ShoreTel (NASDAQ:SHOR)

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