ShoreTel Inc (NASDAQ:SHOR) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday, May 3rd. The firm currently has a $7.75 target price on the communications equipment provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 29.17% from the company’s previous close.

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. “

A number of other brokerages also recently issued reports on SHOR. Craig Hallum downgraded ShoreTel from a “buy” rating to a “hold” rating in a research report on Friday, January 27th. TheStreet cut ShoreTel from a “c-” rating to a “d+” rating in a report on Thursday, February 16th.

Shares of ShoreTel (NASDAQ:SHOR) traded down 0.83% on Wednesday, reaching $5.95. 118,505 shares of the company were exchanged. The firm’s market capitalization is $406.24 million. The stock’s 50-day moving average is $6.26 and its 200 day moving average is $6.70. ShoreTel has a 12-month low of $5.55 and a 12-month high of $8.56.

ShoreTel (NASDAQ:SHOR) last issued its earnings results on Wednesday, April 26th. The communications equipment provider reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 3.29% and a negative net margin of 5.08%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.06) earnings per share. On average, analysts forecast that ShoreTel will post $0.06 EPS for the current year.

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Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its stake in ShoreTel by 5.4% in the third quarter. Bank of New York Mellon Corp now owns 459,735 shares of the communications equipment provider’s stock worth $3,677,000 after buying an additional 23,657 shares in the last quarter. BlackRock Inc. boosted its stake in ShoreTel by 241.1% in the third quarter. BlackRock Inc. now owns 68,222 shares of the communications equipment provider’s stock worth $546,000 after buying an additional 48,221 shares during the period. New York State Common Retirement Fund boosted its position in shares of ShoreTel by 580.7% in the third quarter. New York State Common Retirement Fund now owns 400,239 shares of the communications equipment provider’s stock valued at $3,202,000 after buying an additional 341,439 shares during the period. King Luther Capital Management Corp boosted its position in shares of ShoreTel by 28.0% in the third quarter. King Luther Capital Management Corp now owns 32,000 shares of the communications equipment provider’s stock valued at $256,000 after buying an additional 7,000 shares during the period. Finally, Citadel Advisors LLC bought a new position in shares of ShoreTel during the third quarter valued at about $949,000. Institutional investors own 88.16% 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.

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