ShoreTel, Inc. (NASDAQ:SHOR) Position Lowered by Prudential Financial Inc.

Prudential Financial Inc. reduced its position in shares of ShoreTel, Inc. (NASDAQ:SHOR) by 53.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 31,462 shares of the communications equipment provider’s stock after selling 36,200 shares during the period. Prudential Financial Inc.’s holdings in ShoreTel were worth $193,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wells Fargo & Company MN boosted its position in shares of ShoreTel by 3.3% in the first quarter. Wells Fargo & Company MN now owns 47,472 shares of the communications equipment provider’s stock worth $292,000 after buying an additional 1,500 shares during the last quarter. Numeric Investors LLC boosted its position in shares of ShoreTel by 11.4% in the fourth quarter. Numeric Investors LLC now owns 65,600 shares of the communications equipment provider’s stock worth $469,000 after buying an additional 6,700 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of ShoreTel by 40.2% in the first quarter. JPMorgan Chase & Co. now owns 47,873 shares of the communications equipment provider’s stock worth $294,000 after buying an additional 13,736 shares during the last quarter. Trexquant Investment LP boosted its position in shares of ShoreTel by 63.4% in the first quarter. Trexquant Investment LP now owns 43,158 shares of the communications equipment provider’s stock worth $265,000 after buying an additional 16,745 shares during the last quarter. Finally, Algert Global LLC boosted its position in shares of ShoreTel by 14.9% in the first quarter. Algert Global LLC now owns 150,345 shares of the communications equipment provider’s stock worth $925,000 after buying an additional 19,502 shares during the last quarter. Hedge funds and other institutional investors own 87.23% of the company’s stock.

ShoreTel, Inc. (NASDAQ SHOR) opened at 5.75 on Friday. The firm’s market cap is $392.58 million. ShoreTel, Inc. has a 52 week low of $5.55 and a 52 week high of $8.56. The firm’s 50 day moving average price is $6.01 and its 200-day moving average price is $6.50.

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

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A number of research analysts recently weighed in on the company. Northland Securities reiterated a “buy” rating and issued a $10.00 target price on shares of ShoreTel in a report on Tuesday, July 4th. Zacks Investment Research cut ShoreTel from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 28th. Finally, ValuEngine cut ShoreTel from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. ShoreTel presently has an average rating of “Hold” and a consensus target price of $8.88.

ShoreTel Company Profile

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.

Institutional Ownership by Quarter for ShoreTel (NASDAQ:SHOR)

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