ShoreTel Stock Price Up 14.6% After Better-Than-Expected Earnings (SHOR)
ShoreTel (NASDAQ:SHOR) rose 14.6% on Friday following a better than expected earnings announcement, StockRatingsNetwork.com reports. The company traded as high as $7.20 and last traded at $6.89, with a volume of 1,534,300 shares traded. The stock had previously closed at $6.01.
The company reported $0.08 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.05 by $0.03. The company had revenue of $88.60 million for the quarter, compared to the consensus estimate of $85.39 million. During the same quarter last year, the company posted $0.06 earnings per share. ShoreTel’s revenue was up 3.5% compared to the same quarter last year.
Separately, analysts at SunTrust initiated coverage on shares of ShoreTel in a research note on Tuesday, June 10th. They set a “neutral” rating and a $7.50 price target on the stock. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. ShoreTel has an average rating of “Buy” and an average price target of $9.75.
The stock’s 50-day moving average is $6.26 and its 200-day moving average is $7.4. The company’s market cap is $432.7 million.
ShoreTel, Inc is a provider of business communication solutions. The Company’s unified communications (NASDAQ:SHOR) and contact center solutions are based on its Internet protocol (IP) business phone system (IP-PBX).
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