Alliancebernstein L.P. lowered its stake in shares of Silver Spring Networks, Inc. (NYSE:SSNI) by 5.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,900 shares of the technology company’s stock after selling 2,300 shares during the period. Alliancebernstein L.P.’s holdings in Silver Spring Networks were worth $462,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its position in shares of Silver Spring Networks by 28.0% in the first quarter. Bank of New York Mellon Corp now owns 1,405,450 shares of the technology company’s stock valued at $15,868,000 after buying an additional 307,866 shares in the last quarter. US Bancorp DE raised its position in shares of Silver Spring Networks by 46.7% in the first quarter. US Bancorp DE now owns 19,576 shares of the technology company’s stock valued at $221,000 after buying an additional 6,235 shares in the last quarter. First Trust Advisors LP raised its position in shares of Silver Spring Networks by 10.5% in the first quarter. First Trust Advisors LP now owns 108,378 shares of the technology company’s stock valued at $1,224,000 after buying an additional 10,329 shares in the last quarter. Stoneridge Investment Partners LLC bought a new position in shares of Silver Spring Networks during the first quarter valued at $1,313,000. Finally, Wells Fargo & Company MN raised its position in shares of Silver Spring Networks by 71.9% in the first quarter. Wells Fargo & Company MN now owns 206,135 shares of the technology company’s stock valued at $2,327,000 after buying an additional 86,197 shares in the last quarter. Hedge funds and other institutional investors own 75.76% of the company’s stock.

Silver Spring Networks, Inc. (NYSE:SSNI) opened at 13.38 on Thursday. The stock’s 50 day moving average is $11.10 and its 200-day moving average is $11.30. Silver Spring Networks, Inc. has a 52-week low of $9.68 and a 52-week high of $15.40. The company’s market capitalization is $713.53 million.

Silver Spring Networks (NYSE:SSNI) last announced its quarterly earnings results on Tuesday, August 8th. The technology company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.41. The company had revenue of $261.60 million during the quarter, compared to the consensus estimate of $69.10 million. During the same quarter in the prior year, the firm earned $0.02 earnings per share. The business’s revenue was up 114.6% compared to the same quarter last year. Analysts predict that Silver Spring Networks, Inc. will post ($0.03) EPS for the current fiscal year.

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Several research firms have recently commented on SSNI. Cowen and Company reissued an “outperform” rating and set a $16.00 target price (down from $17.00) on shares of Silver Spring Networks in a research report on Thursday. Pacific Crest downgraded shares of Silver Spring Networks from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, May 10th. Benchmark Co. began coverage on shares of Silver Spring Networks in a research report on Tuesday, April 25th. They set a “hold” rating for the company. Oppenheimer Holdings, Inc. set a $14.00 target price on shares of Silver Spring Networks and gave the stock a “buy” rating in a research report on Wednesday. Finally, Williams Capital boosted their target price on shares of Silver Spring Networks from $11.00 to $12.00 and gave the stock a “hold” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Silver Spring Networks currently has a consensus rating of “Hold” and an average target price of $14.18.

In related news, insider Raj Vaswani sold 20,364 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $10.30, for a total transaction of $209,749.20. Following the completion of the sale, the insider now directly owns 602,355 shares in the company, valued at $6,204,256.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 64,462 shares of company stock valued at $653,702 over the last quarter. Company insiders own 29.60% of the company’s stock.

About Silver Spring Networks

Silver Spring Networks, Inc is engaged in creating, building and deploying large-scale networks and solutions enabling the Internet of things (IoT) for critical infrastructure. The Company provides a networking platform and solutions that enable utilities to transform the power grid infrastructure into the smart grid.

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Institutional Ownership by Quarter for Silver Spring Networks (NYSE:SSNI)

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