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Park West Asset Management Boosts Its Stake in ShoreTel, Inc. (SHOR)

Peter S. Park‘s hedge fund, Park West Asset Management, has recently almost doubled its holding in ShoreTel, Inc. (NASDAQ:SHOR). A new filing with the SEC showed that Park currently holds over 3.0 million shares of the company, up from 1.7 million shares held earlier. Park’s passive stake amasses 5.0% of ShoreTel’s common stock and has a value of $25.1 million, at the current stock price of the company.

ShoreTel, Inc. (NASDAQ:SHOR)

Business communication solutions ShoreTel, Inc. (NASDAQ:SHOR) announced in November that it has been experiencing a significant growth in Asia. The number of its end-user customers has doubled during the 12-month period ended June 30. For the quarter ended September 30, which is the first of the fiscal 2014, ShoreTel posted a revenue of $84.3 million, up by 12% on the year. Non-GAAP net income amounted to $4.0 million, or $0.07 per share, which shows a significant increase from a net loss of $2.1 million, equal to $0.04 per share in the same period of last year. Amid an increase in revenues and income, the stock of ShoreTel, Inc. (NASDAQ:SHOR) gained 95% since the beginning of the year.

Diker Management, led by Mark N. Diker, and Robert G. Moses‘ Rgm Capital disclosed significant positions in ShoreTel, Inc. (NASDAQ:SHOR) in the latest round of 13F filings. Diker holds around 3.1 million shares, with a reported value of $18.7 million, while Rgm’s stake contains some 2.2 million shares, worth $13.3 million.

In the equity portfolio of Park West Asset Management, Macquarie Infrastructure Company LLC (NYSE:MIC) holds the largest position represented by almost 1.1 million shares, worth over $56 million. The fund has also reported a $53.6 million stake in Outerwall Inc (NASDAQ:OUTR), which amasses some 1.1 million shares as well. In SunCoke Energy Inc (NYSE:SXC), Park holds 2.3 million shares, with a total value of $39.6 million.

Disclosure: none

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