ShoreTel Inc. (SHOR) Upgraded to Hold at Zacks Investment Research
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 Friday, June 17th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. ShoreTel presently has a consensus rating of Buy and an average target price of $11.25.
ShoreTel (NASDAQ:SHOR) opened at 8.00 on Friday. The firm’s 50-day moving average is $8.09 and its 200 day moving average is $7.23. The stock’s market capitalization is $539.12 million. ShoreTel has a 12-month low of $5.83 and a 12-month high of $10.56.
ShoreTel (NASDAQ:SHOR) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter last year, the company earned $0.12 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year. Equities analysts expect that ShoreTel will post $0.01 EPS for the current year.
In related news, SVP Bharath Oruganti sold 13,125 shares of the firm’s stock in a transaction on Friday, August 5th. The stock was 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 in the company, valued at $312,154. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.40% of the company’s stock.
A number of institutional investors have recently made changes to their positions in SHOR. KCG Holdings Inc. boosted its position in shares of ShoreTel by 45.3% in the second quarter. KCG Holdings Inc. now owns 14,997 shares of the company’s stock valued at $100,000 after buying an additional 4,673 shares during the period. BlackRock Inc. boosted its position in shares of ShoreTel by 428.8% in the second quarter. BlackRock Inc. now owns 20,001 shares of the company’s stock valued at $134,000 after buying an additional 16,219 shares during the period. Princeton Alpha Management LP purchased a new position in shares of ShoreTel during the second quarter valued at about $151,000. King Luther Capital Management Corp purchased a new position in shares of ShoreTel during the second quarter valued at about $167,000. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of ShoreTel during the second quarter valued at about $180,000. Hedge funds and other institutional investors own 90.24% of the company’s stock.
ShoreTel Company Profile
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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