ShoreTel, Inc. (SHOR) Sees Strong Trading Volume
Shares of ShoreTel, Inc. (NASDAQ:SHOR) saw an uptick in trading volume on Monday . 4,920,225 shares were traded during mid-day trading, an increase of 289% from the previous session’s volume of 1,266,400 shares.The stock last traded at $7.50 and had previously closed at $7.45.
A number of brokerages recently commented on SHOR. Northland Securities reaffirmed a “buy” rating and issued a $10.00 target price on shares of ShoreTel in a report on Tuesday, July 4th. William Blair cut ShoreTel from an “outperform” rating to a “market perform” rating in a report on Thursday, July 27th. Lake Street Capital cut ShoreTel from a “buy” rating to a “hold” rating and set a $7.50 target price on the stock. in a report on Monday, July 31st. Sidoti cut ShoreTel from a “buy” rating to a “neutral” rating in a report on Friday, July 28th. Finally, Zacks Investment Research cut ShoreTel from a “buy” rating to a “hold” rating in a report on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $7.17.
The company’s 50 day moving average price is $7.34 and its 200-day moving average price is $6.41. The firm’s market cap is $512.16 million.
ShoreTel (NASDAQ:SHOR) last issued its quarterly earnings data on Wednesday, August 2nd. The communications equipment provider reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.04. The business had revenue of $95.72 million during the quarter, compared to the consensus estimate of $90.69 million. ShoreTel had a negative net margin of 3.48% and a negative return on equity of 0.67%. Equities analysts predict that ShoreTel, Inc. will post $0.15 EPS for the current year.
Institutional investors have recently modified their holdings of the business. PEAK6 Investments L.P. raised its position in shares of ShoreTel by 92.9% in the first quarter. PEAK6 Investments L.P. now owns 22,686 shares of the communications equipment provider’s stock worth $140,000 after acquiring an additional 10,927 shares during the period. Virtu KCG Holdings LLC raised its position in shares of ShoreTel by 54.5% in the second quarter. Virtu KCG Holdings LLC now owns 22,827 shares of the communications equipment provider’s stock worth $132,000 after acquiring an additional 8,048 shares during the period. Princeton Alpha Management LP acquired a new position in shares of ShoreTel in the first quarter worth about $159,000. Marshall Wace North America L.P. acquired a new position in shares of ShoreTel in the second quarter worth about $162,000. Finally, Stevens Capital Management LP acquired a new position in shares of ShoreTel in the first quarter worth about $174,000. Institutional investors and hedge funds own 88.04% of the company’s stock.
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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