ShoreTel Inc. (SHOR) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of ShoreTel Inc. (NASDAQ:SHOR) from a sell rating to a hold rating in a research note published 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 reiterated a buy rating on shares of ShoreTel in a research note on Saturday, July 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. ShoreTel currently has a consensus rating of Buy and an average target price of $11.25.

Analyst Recommendations for ShoreTel (NASDAQ:SHOR)

ShoreTel (NASDAQ:SHOR) opened at 8.00 on Friday. The company’s market capitalization is $539.12 million. ShoreTel has a 52 week low of $5.83 and a 52 week high of $10.56. The company’s 50-day moving average price is $8.09 and its 200 day moving average price is $7.23.

ShoreTel (NASDAQ:SHOR) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 company had revenue of $94.60 million for the quarter, compared to analyst estimates of $90.57 million. During the same quarter last year, the company posted $0.12 EPS. The company’s revenue for the quarter was up .4% compared to the same quarter last year. On average, equities research analysts anticipate that ShoreTel will post $0.01 EPS for the current year.

In related news, SVP Bharath Oruganti sold 13,125 shares of the business’s 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 sale, the senior vice president now owns 36,724 shares in the company, valued at approximately $312,154. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.40% of the company’s stock.

Large investors have recently modified their holdings of the company. Jacobs Levy Equity Management Inc. raised its stake in shares of ShoreTel by 10.4% in the first quarter. Jacobs Levy Equity Management Inc. now owns 346,336 shares of the company’s stock worth $2,577,000 after buying an additional 32,502 shares in the last quarter. Princeton Alpha Management LP purchased a new stake in shares of ShoreTel during the second quarter worth $151,000. SECOR Capital Advisors LP raised its stake in shares of ShoreTel by 36.2% in the second quarter. SECOR Capital Advisors LP now owns 51,981 shares of the company’s stock worth $348,000 after buying an additional 13,825 shares in the last quarter. Diker Management LLC purchased a new stake in shares of ShoreTel during the first quarter worth $670,000. Finally, GSA Capital Partners LLP raised its stake in shares of ShoreTel by 34.7% in the second quarter. GSA Capital Partners LLP now owns 313,373 shares of the company’s stock worth $2,096,000 after buying an additional 80,730 shares in the last quarter. Institutional investors and hedge funds own 90.24% of the company’s stock.

About ShoreTel

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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