Vista Equity Partners Management LLC cut its stake in ShoreTel, Inc. (NASDAQ:SHOR) by 68.5% during the first quarter, Holdings Channel reports. The fund owned 380,000 shares of the communications equipment provider’s stock after selling 827,295 shares during the period. ShoreTel makes up about 1.1% of Vista Equity Partners Management LLC’s holdings, making the stock its 18th largest position. Vista Equity Partners Management LLC’s holdings in ShoreTel were worth $2,337,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the company. Russell Investments Group Ltd. acquired a new stake in ShoreTel during the fourth quarter worth $5,889,000. Princeton Alpha Management LP acquired a new stake in ShoreTel during the first quarter worth $159,000. FMR LLC acquired a new stake in ShoreTel during the fourth quarter worth $307,000. State Street Corp increased its stake in ShoreTel by 9.4% in the fourth quarter. State Street Corp now owns 1,335,446 shares of the communications equipment provider’s stock worth $9,548,000 after buying an additional 114,965 shares during the period. Finally, Wedge Capital Management L L P NC increased its stake in ShoreTel by 21.5% in the first quarter. Wedge Capital Management L L P NC now owns 207,900 shares of the communications equipment provider’s stock worth $1,279,000 after buying an additional 36,800 shares during the period. Institutional investors and hedge funds own 87.23% of the company’s stock.

Institutional Ownership by Quarter for ShoreTel (NASDAQ:SHOR)

ShoreTel, Inc. (NASDAQ SHOR) remained flat at $5.90 during mid-day trading on Monday. The stock had a trading volume of 173,943 shares. The company’s 50-day moving average price is $6.16 and its 200 day moving average price is $6.58. The stock’s market cap is $402.82 million. ShoreTel, Inc. has a one year low of $5.55 and a one year high of $8.56.

ShoreTel (NASDAQ:SHOR) last posted its quarterly earnings results on Wednesday, April 26th. The communications equipment provider reported ($0.02) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.06. The firm had revenue of $87.70 million for the quarter, compared to the consensus estimate of $84.03 million. ShoreTel had a negative net margin of 3.43% and a negative return on equity of 1.15%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period last year, the firm posted ($0.06) earnings per share. Analysts expect that ShoreTel, Inc. will post $0.06 earnings per share for the current fiscal year.

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A number of analysts have recently weighed in on the stock. ValuEngine downgraded shares of ShoreTel from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Zacks Investment Research upgraded shares of ShoreTel from a “hold” rating to a “strong-buy” rating and set a $7.75 target price on the stock in a report on Wednesday, May 3rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $7.75.

ShoreTel Company Profile

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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