National Bank Financial Increases Mitel Networks Corporation (MITL) Price Target to $14.00
Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) had its price target lifted by investment analysts at National Bank Financial from $10.00 to $14.00 in a research report issued on Monday. The brokerage presently has an “outperform” rating on the communications equipment provider’s stock. National Bank Financial’s target price points to a potential upside of 56.25% from the company’s previous close.
Other equities analysts have also recently issued reports about the stock. BidaskClub cut shares of Mitel Networks Corporation from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 12th. TheStreet raised shares of Mitel Networks Corporation from a “c” rating to a “b-” rating in a research note on Thursday, July 27th. Zacks Investment Research raised shares of Mitel Networks Corporation from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 27th. Finally, Royal Bank Of Canada upped their price target on shares of Mitel Networks Corporation from $7.50 to $8.50 and gave the stock a “sector perform” rating in a research note on Friday, July 28th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Mitel Networks Corporation presently has an average rating of “Buy” and an average target price of $9.75.
Mitel Networks Corporation (NASDAQ:MITL) traded up 2.17% during trading on Monday, reaching $8.96. 1,545,788 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $8.34 and its 200-day moving average price is $7.59. The stock’s market cap is $1.06 billion. Mitel Networks Corporation has a one year low of $6.21 and a one year high of $8.97.
Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last posted its quarterly earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.14. Mitel Networks Corporation had a negative net margin of 20.50% and a positive return on equity of 4.69%. The business had revenue of $238.60 million for the quarter, compared to analysts’ expectations of $244.55 million. During the same period in the prior year, the company posted $0.19 EPS. The business’s revenue for the quarter was down 8.3% on a year-over-year basis. On average, equities analysts anticipate that Mitel Networks Corporation will post $0.63 earnings per share for the current fiscal year.
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In related news, insider Thomas Gerald Lokar sold 18,736 shares of the stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $8.64, for a total value of $161,879.04. Following the sale, the insider now directly owns 14,752 shares of the company’s stock, valued at approximately $127,457.28. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Gregory James Hiscock sold 3,125 shares of the stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $8.14, for a total transaction of $25,437.50. Following the completion of the sale, the insider now directly owns 6,063 shares in the company, valued at $49,352.82. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,985,691 shares of company stock worth $16,466,944. 16.50% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Campbell & CO Investment Adviser LLC acquired a new stake in Mitel Networks Corporation in the 2nd quarter valued at about $109,000. UBS Group AG grew its stake in Mitel Networks Corporation by 3.6% in the 1st quarter. UBS Group AG now owns 16,351 shares of the communications equipment provider’s stock valued at $113,000 after acquiring an additional 570 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in Mitel Networks Corporation by 146.4% in the 1st quarter. Tower Research Capital LLC TRC now owns 12,595 shares of the communications equipment provider’s stock valued at $115,000 after acquiring an additional 7,483 shares during the last quarter. Cullen Capital Management LLC acquired a new stake in Mitel Networks Corporation in the 2nd quarter valued at about $125,000. Finally, Quantbot Technologies LP acquired a new stake in Mitel Networks Corporation in the 2nd quarter valued at about $143,000. 79.18% of the stock is currently owned by hedge funds and other institutional investors.
Mitel Networks Corporation Company Profile
Mitel Networks Corporation is a provider of business communications and collaboration software, services and solutions. The Company’s segments include Cloud and Enterprise. The Enterprise segment sells and supports products and services for premise-based customers. The Cloud segment sells and supports products that are deployed in a cloud environment.
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