ShoreTel Inc. (SHOR) Receives Consensus Recommendation of “Buy” from Brokerages
ShoreTel Inc. (NASDAQ:SHOR) has earned an average recommendation of “Buy” from the six ratings firms that are presently covering the firm. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $11.25.
SHOR has been the topic of a number of recent research reports. William Blair restated a “buy” rating on shares of ShoreTel in a report on Saturday, July 9th. Zacks Investment Research upgraded shares of ShoreTel from a “sell” rating to a “hold” rating in a report on Saturday, September 10th.
In related news, SVP Bharath Oruganti sold 13,125 shares of the firm’s stock in a transaction that occurred on 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 owns 36,724 shares in the company, valued at $312,154. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 4.00% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. KCG Holdings Inc. raised its position in 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 last quarter. BlackRock Inc. raised its position in 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 last quarter. Princeton Alpha Management LP acquired a new position in ShoreTel during the second quarter valued at approximately $151,000. King Luther Capital Management Corp acquired a new position in ShoreTel during the second quarter valued at approximately $167,000. Finally, Fox Run Management L.L.C. acquired a new position in ShoreTel during the third quarter valued at approximately $167,000. Hedge funds and other institutional investors own 89.90% of the company’s stock.
ShoreTel (NASDAQ:SHOR) traded down 0.14% on Monday, reaching $7.16. 182,936 shares of the company’s stock traded hands. The firm’s market capitalization is $482.51 million. ShoreTel has a 52 week low of $5.83 and a 52 week high of $10.56. The stock has a 50-day moving average of $8.00 and a 200 day moving average of $7.27.
ShoreTel (NASDAQ:SHOR) last released its earnings results on Thursday, August 4th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.06. The company had revenue of $94.60 million for the quarter, compared to analyst estimates of $90.57 million. ShoreTel had a negative net margin of 1.32% and a positive return on equity of 2.31%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.12 EPS. On average, equities analysts expect that ShoreTel will post $0.01 EPS for the current fiscal year.
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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