ShoreTel Inc. (SHOR) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS
ShoreTel Inc. (NASDAQ:SHOR) announced its quarterly earnings results on Thursday. The company reported $0.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.06. The company earned $86.30 million during the quarter, compared to the consensus estimate of $89.04 million. ShoreTel had a negative net margin of 1.32% and a positive return on equity of 2.31%. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.09 earnings per share.
Shares of ShoreTel (NASDAQ:SHOR) traded down 2.17% during midday trading on Thursday, reaching $6.75. The company’s market capitalization is $454.88 million. The company’s 50-day moving average is $7.73 and its 200 day moving average is $7.24. ShoreTel has a 52 week low of $5.83 and a 52 week high of $10.56.
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 value 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 $312,154. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.00% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of the stock. GSA Capital Partners LLP boosted 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 during the period. Emerald Acquisition Ltd. purchased a new stake in ShoreTel during the second quarter valued at about $5,587,000. Swiss National Bank boosted its stake in ShoreTel by 4.0% in the second quarter. Swiss National Bank now owns 120,800 shares of the company’s stock valued at $808,000 after buying an additional 4,600 shares during the last quarter. California State Teachers Retirement System boosted its stake in ShoreTel by 3.2% in the second quarter. California State Teachers Retirement System now owns 141,100 shares of the company’s stock valued at $944,000 after buying an additional 4,360 shares during the last quarter. Finally, Capital Fund Management S.A. purchased a new stake in ShoreTel during the second quarter valued at about $197,000. Institutional investors and hedge funds own 89.90% of the company’s stock.
Several equities research analysts recently weighed in on SHOR shares. Zacks Investment Research raised shares of ShoreTel from a “sell” rating to a “hold” rating in a research report on Friday, September 16th. William Blair restated a “buy” rating on shares of ShoreTel in a report on Saturday, July 9th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $11.67.
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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