Northland Securities cut shares of ShoreTel, Inc. (NASDAQ:SHOR) from an outperform rating to a market perform rating in a research report sent to investors on Friday morning, MarketBeat reports. The brokerage currently has $7.50 target price on the communications equipment provider’s stock, down from their previous target price of $10.00.

A number of other brokerages also recently issued reports on SHOR. Zacks Investment Research upgraded shares of ShoreTel from a hold rating to a strong-buy rating and set a $7.75 price target for the company in a report on Wednesday, May 3rd. ValuEngine downgraded shares of ShoreTel from a hold rating to a sell rating in a report on Friday, June 2nd. Finally, William Blair downgraded shares of ShoreTel from an outperform rating to a market perform rating in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. ShoreTel presently has a consensus rating of Hold and a consensus target price of $7.17.

ShoreTel (NASDAQ SHOR) opened at 7.45 on Friday. The stock’s 50 day moving average price is $5.99 and its 200-day moving average price is $6.31. The company’s market cap is $508.65 million. ShoreTel has a 1-year low of $5.55 and a 1-year high of $8.56.

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Hedge funds have recently bought and sold shares of the stock. PEAK6 Investments L.P. increased its stake in ShoreTel by 92.9% in the first quarter. PEAK6 Investments L.P. now owns 22,686 shares of the communications equipment provider’s stock valued at $140,000 after buying an additional 10,927 shares during the period. Princeton Alpha Management LP bought a new stake in ShoreTel during the first quarter valued at $159,000. Stevens Capital Management LP bought a new stake in ShoreTel during the first quarter valued at $174,000. Fox Run Management L.L.C. bought a new stake in ShoreTel during the second quarter valued at $179,000. Finally, American International Group Inc. increased its stake in ShoreTel by 7.1% in the first quarter. American International Group Inc. now owns 41,452 shares of the communications equipment provider’s stock valued at $255,000 after buying an additional 2,757 shares during the period. Hedge funds and other institutional investors own 86.68% of the company’s stock.

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.

Analyst Recommendations for ShoreTel (NASDAQ:SHOR)

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