Northland Securities Reiterates Buy Rating for ShoreTel, Inc. (NASDAQ:SHOR)

Northland Securities reissued their buy rating on shares of ShoreTel, Inc. (NASDAQ:SHOR) in a report released on Tuesday, July 4th. They currently have a $10.00 price objective on the communications equipment provider’s stock.

A number of other equities research analysts have also recently commented on the company. Zacks Investment Research upgraded ShoreTel from a hold rating to a strong-buy rating and set a $7.75 target price on the stock in a research report on Wednesday, May 3rd. ValuEngine cut ShoreTel from a hold rating to a sell rating in a research report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The stock presently has an average rating of Hold and an average target price of $7.25.

Shares of ShoreTel (SHOR) remained flat at $7.50 during trading on Tuesday. 4,957,505 shares of the stock traded hands. The stock’s market capitalization is $512.06 million. ShoreTel has a 12-month low of $5.55 and a 12-month high of $8.56. The company has a 50-day moving average price of $5.94 and a 200 day moving average price of $6.32.

ShoreTel (NASDAQ:SHOR) last posted its earnings results on Wednesday, April 26th. The communications equipment provider reported ($0.02) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.06. ShoreTel had a negative return on equity of 1.15% and a negative net margin of 3.43%. The firm had revenue of $87.70 million for the quarter, compared to analysts’ expectations of $84.03 million. During the same period last year, the firm earned ($0.06) EPS. The company’s quarterly revenue was up 2.9% on a year-over-year basis. On average, equities analysts expect that ShoreTel will post $0.06 earnings per share for the current year.

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Hedge funds and other institutional investors have recently modified their holdings of the stock. Princeton Alpha Management LP bought a new stake in shares of ShoreTel during the first quarter worth about $159,000. FMR LLC bought a new stake in shares of ShoreTel during the fourth quarter worth about $307,000. State Street Corp boosted its stake in shares of ShoreTel by 9.4% in the fourth quarter. State Street Corp now owns 1,335,446 shares of the communications equipment provider’s stock worth $9,548,000 after buying an additional 114,965 shares during the period. Wedge Capital Management L L P NC boosted its stake in shares of ShoreTel by 21.5% in the first quarter. Wedge Capital Management L L P NC now owns 207,900 shares of the communications equipment provider’s stock worth $1,279,000 after buying an additional 36,800 shares during the period. Finally, American International Group Inc. boosted its stake in shares of ShoreTel by 7.1% in the first quarter. American International Group Inc. now owns 41,452 shares of the communications equipment provider’s stock worth $255,000 after buying an additional 2,757 shares during the period. 87.13% of the stock is currently owned by hedge funds and other institutional investors.

About ShoreTel

ShoreTel, Inc is a provider of business communication solutions. The Company is engaged in the design, development, marketing and sale of business communication solutions. The Company is focused on the small and medium sized businesses seeking a unified communications (UC) solution allowing them to communicate anytime, anyplace and through any device they chose.

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