Hedge Funds Are Betting on ShoreTel, Inc. (SHOR)

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As one would reasonably expect, some big names have been driving this bullishness. Elliott Management, managed by Paul Singer, created the biggest position in ShoreTel, Inc. (NASDAQ:SHOR). Elliott had $3 million invested in the company at the end of the quarter. Peter Algert and Kevin Coldiron’s Algert Coldiron Investors also made a $1.1 million investment in the stock during the quarter. The following funds were also among the new SHOR investors: Peter Muller’s PDT Partners, Joel Greenblatt’s Gotham Asset Management, and Mike Vranos’ Ellington.

Let’s go over hedge fund activity in other stocks similar to ShoreTel, Inc. (NASDAQ:SHOR). These stocks are Seacoast Banking Corporation of Florida (NASDAQ:SBCF), Shoe Carnival, Inc. (NASDAQ:SCVL), UTi Worldwide Inc. (NASDAQ:UTIW), and Star Gas Partners, L.P. (NYSE:SGU). All of these stocks’ market caps are similar to ShoreTel, Inc. (NASDAQ:SHOR)’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
SBCF 12 59267 -1
SCVL 12 85428 -9
UTIW 16 178148 2
SGU 5 49903 0

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $93 million. By comparison, ShoreTel s more popular among the funds we track and these investors have amassed $139 million worth of shares recently. Therefore, as hedge funds are piling on ShoreTel, it might be a good idea to take a closer look at the company and assess its performance in more detail.

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