ShoreTel, Inc. (NASDAQ:SHOR) Stake Decreased by Nationwide Fund Advisors
Nationwide Fund Advisors lowered its position in shares of ShoreTel, Inc. (NASDAQ:SHOR) by 1.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 146,306 shares of the communications equipment provider’s stock after selling 2,206 shares during the period. Nationwide Fund Advisors owned 0.21% of ShoreTel worth $900,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its position in shares of ShoreTel by 17.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,730,513 shares of the communications equipment provider’s stock worth $19,523,000 after buying an additional 410,425 shares in the last quarter. State Street Corp boosted its position in shares of 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 in the last quarter. Cortina Asset Management LLC purchased a new position in shares of ShoreTel during the fourth quarter worth $7,037,000. Russell Investments Group Ltd. purchased a new position in shares of ShoreTel during the fourth quarter worth $5,889,000. Finally, Ancora Advisors LLC boosted its position in shares of ShoreTel by 159.3% in the fourth quarter. Ancora Advisors LLC now owns 407,246 shares of the communications equipment provider’s stock worth $2,912,000 after buying an additional 250,171 shares in the last quarter. 87.23% of the stock is currently owned by institutional investors.
Shares of ShoreTel, Inc. (NASDAQ:SHOR) remained flat at $5.75 during midday trading on Friday. The company had a trading volume of 148,480 shares. The firm’s 50-day moving average price is $6.01 and its 200 day moving average price is $6.50. ShoreTel, Inc. has a 12-month low of $5.55 and a 12-month high of $8.56. The firm’s market capitalization is $392.58 million.
ShoreTel (NASDAQ:SHOR) last issued its quarterly earnings results on Wednesday, April 26th. The communications equipment provider reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.06. ShoreTel had a negative return on equity of 1.15% and a negative net margin of 3.43%. The firm had revenue of $87.70 million for the quarter, compared to the consensus estimate of $84.03 million. During the same period in the prior year, the business posted ($0.06) earnings per share. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. Analysts predict that ShoreTel, Inc. will post $0.06 EPS for the current year.
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A number of brokerages have commented on SHOR. Zacks Investment Research cut ShoreTel from a “buy” rating to a “hold” rating in a research note on Thursday, March 30th. ValuEngine cut ShoreTel from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Finally, Northland Securities reaffirmed a “buy” rating and issued a $10.00 price target on shares of ShoreTel in a research note on Tuesday, July 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $8.88.
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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