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.

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

Recommended Reading:

Gates Capital Management Increases Exposure to Richardson Electronics, Ltd. (RELL)

Sandell Asset Management Picks Up Its Stake in Bob Evans Farms Inc (BOBE)

Charles Davidson, Wexford Capital Keep Selling Diamondback Energy Inc (FANG) Shares