ShoreTel Inc. (SHOR) Short Interest Up 30.7% in November
ShoreTel Inc. (NASDAQ:SHOR) was the target of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,256,931 shares, a growth of 30.7% from the October 31st total of 961,867 shares. Approximately 1.9% of the company’s shares are sold short. Based on an average trading volume of 737,602 shares, the days-to-cover ratio is presently 1.7 days.
In other news, VP Eugenia Corrales sold 7,040 shares of the business’s stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $6.49, for a total transaction of $45,689.60. Following the sale, the vice president now owns 1,109 shares in the company, valued at $7,197.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.00% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. SECOR Capital Advisors LP raised its position in shares of ShoreTel by 36.2% in the second quarter. SECOR Capital Advisors LP now owns 51,981 shares of the company’s stock valued at $348,000 after buying an additional 13,825 shares during the period. Princeton Alpha Management LP acquired a new position in shares of ShoreTel during the second quarter valued at about $151,000. Vista Equity Partners Management LLC acquired a new position in shares of ShoreTel during the second quarter valued at about $2,613,000. GSA Capital Partners LLP raised its position in shares of ShoreTel by 34.7% in the second quarter. GSA Capital Partners LLP now owns 313,373 shares of the company’s stock valued at $2,096,000 after buying an additional 80,730 shares during the period. Finally, BlackRock Advisors LLC raised its position in shares of ShoreTel by 0.3% in the second quarter. BlackRock Advisors LLC now owns 582,938 shares of the company’s stock valued at $3,900,000 after buying an additional 1,880 shares during the period. 86.96% of the stock is currently owned by institutional investors.
ShoreTel (NASDAQ:SHOR) opened at 6.90 on Tuesday. The firm’s market cap is $468.81 million. The firm has a 50-day moving average of $6.99 and a 200 day moving average of $7.27. ShoreTel has a 1-year low of $5.83 and a 1-year high of $10.56.
ShoreTel (NASDAQ:SHOR) last issued its earnings results on Thursday, October 27th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.06. The company had revenue of $86.30 million for the quarter, compared to analyst estimates of $89.04 million. ShoreTel had a negative net margin of 3.52% and a negative return on equity of 0.83%. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.09 EPS.
Several research firms have weighed in on SHOR. Zacks Investment Research lowered shares of ShoreTel from a “hold” rating to a “sell” rating in a research note on Wednesday, November 2nd. William Blair reiterated a “buy” rating on shares of ShoreTel in a research note on Monday, October 31st.
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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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