ShoreTel Inc (SHOR): Are Hedge Funds Right About This Stock?

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Consequently, specific money managers have been driving this bullishness. Clearline Capital, led by Marc Majzner, created the biggest position in ShoreTel Inc (NASDAQ:SHOR). Clearline Capital had $2.4 million invested in the company at the end of the quarter. David Brown’s Hawk Ridge Management also made a $1.9 million investment in the stock during the quarter. The following funds were also among the new SHOR investors: Ken Griffin’s Citadel Investment Group, Warren Lammert’s Granite Point Capital, and Arnaud Ajdler’s Engine Capital.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as ShoreTel Inc (NASDAQ:SHOR) but similarly valued. We will take a look at ChipMOS Technologies (Bermuda) Ltd (NASDAQ:IMOS), Resources Connection, Inc. (NASDAQ:RECN), Hemisphere Media Group Inc (NASDAQ:HMTV), and Bryn Mawr Bank Corp. (NASDAQ:BMTC). This group of stocks’ market valuations resemble SHOR’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
IMOS 17 207132 -1
RECN 16 63307 4
HMTV 9 57380 -1
BMTC 11 43505 3

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $93 million. That figure was $137 million in SHOR’s case. ChipMOS Technologies (Bermuda) Ltd (NASDAQ:IMOS) is the most popular stock in this table. On the other hand Hemisphere Media Group Inc (NASDAQ:HMTV) is the least popular one with only 9 bullish hedge fund positions. Compared to these stocks ShoreTel Inc (NASDAQ:SHOR) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None

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