State Board of Administration of Florida Retirement System reduced its position in ShoreTel Inc. (NASDAQ:SHOR) by 9.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,693 shares of the company’s stock after selling 5,786 shares during the period. State Board of Administration of Florida Retirement System owned about 0.08% of ShoreTel worth $353,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the company. California State Teachers Retirement System raised 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 during the last quarter. Swiss National Bank raised 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 during the last quarter. Strs Ohio raised 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 during the last quarter. Franklin Resources Inc. raised its position in ShoreTel by 0.8% in the first quarter. Franklin Resources Inc. now owns 1,467,488 shares of the company’s stock worth $10,918,000 after buying an additional 11,616 shares during the last quarter. Finally, Menta Capital LLC raised its position in ShoreTel by 39.3% in the first quarter. Menta Capital LLC now owns 98,524 shares of the company’s stock worth $733,000 after buying an additional 27,811 shares during the last quarter. Institutional investors and hedge funds own 90.24% of the company’s stock.
ShoreTel Inc. (NASDAQ:SHOR) traded up 0.987% during midday trading on Wednesday, reaching $7.675. The company’s stock had a trading volume of 137,529 shares. ShoreTel Inc. has a 52 week low of $5.83 and a 52 week high of $10.56. The firm has a 50 day moving average price of $8.06 and a 200-day moving average price of $7.27. The firm’s market cap is $517.22 million.
ShoreTel (NASDAQ:SHOR) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.05 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.06. ShoreTel had a negative net margin of 1.32% and a positive return on equity of 2.31%. The company earned $94.60 million during the quarter, compared to the consensus estimate of $90.57 million. During the same period in the prior year, the business posted $0.12 EPS. The company’s quarterly revenue was up .4% on a year-over-year basis. On average, analysts forecast that ShoreTel Inc. will post $0.01 earnings per share for the current fiscal year.
Several brokerages recently issued reports on SHOR. William Blair restated a “buy” rating on shares of ShoreTel in a research note on Saturday, July 9th. Zacks Investment Research lowered ShoreTel from a “hold” rating to a “sell” rating in a research note on Thursday, August 11th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. ShoreTel currently has a consensus rating of “Buy” and an average target price of $11.25.
In other news, SVP Bharath Oruganti sold 13,125 shares of the stock in a transaction dated Friday, August 5th. The shares were 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 available at this link. Insiders own 3.40% 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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