ShoreTel Inc. (NASDAQ:SHOR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.
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. “
Separately, William Blair reaffirmed a “buy” rating on shares of ShoreTel in a research note on Saturday, July 9th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $11.25.
Shares of ShoreTel (NASDAQ:SHOR) opened at 8.00 on Friday. ShoreTel has a 12 month low of $5.83 and a 12 month high of $10.56. The company’s 50-day moving average is $8.09 and its 200 day moving average is $7.23. The stock’s market capitalization is $539.12 million.
ShoreTel (NASDAQ:SHOR) last issued its earnings results on Thursday, August 4th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.06. ShoreTel had a positive return on equity of 2.31% and a negative net margin of 1.32%. The business earned $94.60 million during the quarter, compared to the consensus estimate of $90.57 million. During the same period last year, the company earned $0.12 EPS. The company’s revenue for the quarter was up .4% on a year-over-year basis. Equities research analysts predict that ShoreTel will post $0.01 earnings per share for the current year.
In other news, SVP Bharath Oruganti sold 13,125 shares of the stock in a transaction on Friday, August 5th. The stock was sold at an average price of $8.50, for a total transaction of $111,562.50. Following the completion of the transaction, the senior vice president now directly owns 36,724 shares in the company, valued at approximately $312,154. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.40% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in SHOR. Swiss National Bank boosted its position in ShoreTel by 4.0% in the second quarter. Swiss National Bank now owns 120,800 shares of the company’s stock worth $808,000 after buying an additional 4,600 shares in the last quarter. California State Teachers Retirement System boosted its position in ShoreTel by 3.2% in the second quarter. California State Teachers Retirement System now owns 141,100 shares of the company’s stock worth $944,000 after buying an additional 4,360 shares in the last quarter. Capital Fund Management S.A. acquired a new position in ShoreTel during the second quarter worth $197,000. Strs Ohio boosted its position in ShoreTel by 8.3% in the second quarter. Strs Ohio now owns 101,400 shares of the company’s stock worth $678,000 after buying an additional 7,800 shares in the last quarter. Finally, Bank of Montreal Can acquired a new position in ShoreTel during the second quarter worth $340,000. Institutional investors and hedge funds own 90.24% of the company’s stock.
ShoreTel Company Profile
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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