ShoreTel Inc. (SHOR) Receives Consensus Recommendation of “Buy” from Brokerages
ShoreTel Inc. (NASDAQ:SHOR) has been given a consensus rating of “Buy” by the six analysts that are currently covering the company. One investment analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $11.25.
Several equities analysts have weighed in on the company. William Blair reaffirmed a “buy” rating on shares of ShoreTel in a research note on Saturday, July 9th. Zacks Investment Research cut ShoreTel from a “hold” rating to a “sell” rating in a research note on Thursday, August 11th.
In other news, SVP Bharath Oruganti sold 13,125 shares of ShoreTel stock in a transaction dated 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 sale, the senior vice president now directly owns 36,724 shares in the company, valued at approximately $312,154. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 4.00% of the company’s stock.
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Large investors have recently made changes to their positions in the stock. American International Group Inc. raised its stake in shares of ShoreTel by 2.5% in the second quarter. American International Group Inc. now owns 38,737 shares of the company’s stock valued at $259,000 after buying an additional 928 shares in the last quarter. Guggenheim Capital LLC raised its stake in ShoreTel by 3.9% in the second quarter. Guggenheim Capital LLC now owns 28,147 shares of the company’s stock valued at $188,000 after buying an additional 1,069 shares during the period. Nationwide Fund Advisors raised its stake in ShoreTel by 1.1% in the second quarter. Nationwide Fund Advisors now owns 150,347 shares of the company’s stock valued at $1,006,000 after buying an additional 1,576 shares during the period. Menta Capital LLC raised its stake in ShoreTel by 1.8% in the second quarter. Menta Capital LLC now owns 100,253 shares of the company’s stock valued at $671,000 after buying an additional 1,729 shares during the period. Finally, BlackRock Advisors LLC raised its stake in ShoreTel by 0.3% in the second quarter. BlackRock Advisors LLC now owns 582,938 shares of the company’s stock valued at $3,900,000 after buying an additional 1,880 shares during the period. Institutional investors and hedge funds own 89.90% of the company’s stock.
Shares of ShoreTel (NASDAQ:SHOR) traded down 0.14% during mid-day trading on Monday, reaching $7.16. 182,936 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $8.00 and a 200-day moving average price of $7.27. The company’s market capitalization is $482.51 million. ShoreTel has a 1-year low of $5.83 and a 1-year high of $10.56.
ShoreTel (NASDAQ:SHOR) last released its earnings results on Thursday, August 4th. The company reported $0.05 earnings per share 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 analysts’ expectations of $90.57 million. During the same quarter in the previous year, the business posted $0.12 EPS. The business’s revenue for the quarter was up .4% on a year-over-year basis. On average, equities research analysts forecast that ShoreTel will post $0.01 earnings per share for the current fiscal year.
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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