Francisco Partners Management LP trimmed its stake in Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) by 34.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,228,851 shares of the communications equipment provider’s stock after selling 2,198,466 shares during the quarter. Mitel Networks Corporation makes up about 15.6% of Francisco Partners Management LP’s portfolio, making the stock its 3rd biggest holding. Francisco Partners Management LP owned 3.52% of Mitel Networks Corporation worth $35,480,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. 1st Global Advisors Inc. grew its stake in Mitel Networks Corporation by 1.4% in the second quarter. 1st Global Advisors Inc. now owns 23,658 shares of the communications equipment provider’s stock valued at $174,000 after purchasing an additional 337 shares in the last quarter. UBS Group AG boosted its stake in shares of Mitel Networks Corporation by 3.6% during the 1st quarter. UBS Group AG now owns 16,351 shares of the communications equipment provider’s stock worth $113,000 after acquiring an additional 570 shares during the period. Bank of Montreal Can boosted its stake in shares of Mitel Networks Corporation by 2.6% during the 2nd quarter. Bank of Montreal Can now owns 124,962 shares of the communications equipment provider’s stock worth $918,000 after acquiring an additional 3,156 shares during the period. FMR LLC boosted its stake in shares of Mitel Networks Corporation by 2.2% during the 2nd quarter. FMR LLC now owns 202,800 shares of the communications equipment provider’s stock worth $1,491,000 after acquiring an additional 4,310 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in shares of Mitel Networks Corporation by 1.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 269,863 shares of the communications equipment provider’s stock worth $1,980,000 after acquiring an additional 4,627 shares during the period. Hedge funds and other institutional investors own 79.12% of the company’s stock.

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Several brokerages have recently commented on MITL. TheStreet downgraded Mitel Networks Corporation from a “b” rating to a “c” rating in a research note on Tuesday. BidaskClub downgraded Mitel Networks Corporation from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 12th. Zacks Investment Research upgraded Mitel Networks Corporation from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 27th. Royal Bank Of Canada lifted their target price on 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. Finally, National Bank Financial upgraded Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $7.50 to $10.00 in a research note on Friday, July 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. Mitel Networks Corporation presently has an average rating of “Hold” and an average target price of $11.25.

In other news, Director John P. Mchugh sold 8,136 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $8.21, for a total transaction of $66,796.56. Following the completion of the transaction, the director now owns 66,170 shares of the company’s stock, valued at approximately $543,255.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Peter Charbonneau sold 32,668 shares of the business’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $8.02, for a total value of $261,997.36. Following the transaction, the director now directly owns 64,943 shares of the company’s stock, valued at approximately $520,842.86. The disclosure for this sale can be found here. Insiders sold a total of 989,842 shares of company stock valued at $8,168,255 over the last ninety days. Insiders own 16.50% of the company’s stock.

Shares of Mitel Networks Corporation (NASDAQ:MITL) traded up $0.11 during midday trading on Friday, reaching $7.65. The company’s stock had a trading volume of 855,400 shares, compared to its average volume of 707,600. The company has a quick ratio of 0.77, a current ratio of 1.00 and a debt-to-equity ratio of 1.94. Mitel Networks Corporation has a 52-week low of $6.21 and a 52-week high of $9.13.

About Mitel Networks Corporation

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.

Institutional Ownership by Quarter for Mitel Networks Corporation (NASDAQ:MITL)

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