Wells Fargo & Company MN lessened its stake in shares of ShoreTel Inc (NASDAQ:SHOR) by 1.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 46,798 shares of the communications equipment provider’s stock after selling 674 shares during the period. Wells Fargo & Company MN owned about 0.07% of ShoreTel worth $272,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Marshall Wace North America L.P. acquired a new stake in ShoreTel during the 2nd quarter worth about $162,000. Fox Run Management L.L.C. acquired a new stake in ShoreTel during the 2nd quarter worth about $179,000. American International Group Inc. raised its holdings in ShoreTel by 7.1% during the 1st quarter. American International Group Inc. now owns 41,452 shares of the communications equipment provider’s stock worth $255,000 after buying an additional 2,757 shares during the period. Metropolitan Life Insurance Co. NY raised its holdings in ShoreTel by 9.4% during the 1st quarter. Metropolitan Life Insurance Co. NY now owns 43,904 shares of the communications equipment provider’s stock worth $270,000 after buying an additional 3,760 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in ShoreTel by 40.2% during the 1st quarter. JPMorgan Chase & Co. now owns 47,873 shares of the communications equipment provider’s stock worth $294,000 after buying an additional 13,736 shares during the period. Hedge funds and other institutional investors own 87.35% of the company’s stock.

Several analysts have issued reports on the company. Northland Securities downgraded ShoreTel from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $10.00 to $7.50 in a report on Friday, July 28th. BidaskClub upgraded ShoreTel from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Lake Street Capital downgraded ShoreTel from a “buy” rating to a “hold” rating and set a $7.50 price objective on the stock. in a report on Monday, July 31st. William Blair downgraded ShoreTel from an “outperform” rating to a “market perform” rating in a report on Thursday, July 27th. Finally, Sidoti downgraded ShoreTel from a “buy” rating to a “neutral” rating in a report on Friday, July 28th. Two research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $7.17.

ShoreTel Inc (NASDAQ:SHOR) opened at $7.50 on Friday. ShoreTel Inc has a 12 month low of $5.55 and a 12 month high of $8.41.

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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.

Institutional Ownership by Quarter for ShoreTel (NASDAQ:SHOR)

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