Stoneridge Investment Partners LLC decreased its position in Silver Spring Networks, Inc. (NYSE:SSNI) by 59.8% during the second quarter, Holdings Channel reports. The institutional investor owned 46,742 shares of the technology company’s stock after selling 69,588 shares during the period. Stoneridge Investment Partners LLC’s holdings in Silver Spring Networks were worth $527,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Neuberger Berman Group LLC boosted its position in shares of Silver Spring Networks by 50.0% in the first quarter. Neuberger Berman Group LLC now owns 2,694,396 shares of the technology company’s stock worth $30,420,000 after buying an additional 898,466 shares in the last quarter. Rothschild Asset Management Inc. bought a new position in shares of Silver Spring Networks during the first quarter worth approximately $8,829,000. Trigran Investments Inc. bought a new position in shares of Silver Spring Networks during the first quarter worth approximately $5,697,000. Bank of New York Mellon Corp boosted 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 worth $15,868,000 after buying an additional 307,866 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Silver Spring Networks by 360.1% in the first quarter. Wellington Management Group LLP now owns 266,482 shares of the technology company’s stock worth $3,008,000 after buying an additional 208,567 shares in the last quarter. Institutional investors own 75.76% of the company’s stock.

Shares of Silver Spring Networks, Inc. (NYSE:SSNI) opened at 12.89 on Friday. The stock’s 50 day moving average price is $11.15 and its 200-day moving average price is $11.32. The stock’s market capitalization is $687.40 million. Silver Spring Networks, Inc. has a 12 month low of $9.68 and a 12 month high of $15.40.

Silver Spring Networks (NYSE:SSNI) last released its quarterly earnings results on Tuesday, August 8th. The technology company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.41. The firm had revenue of $261.60 million for the quarter, compared to the consensus estimate of $69.10 million. During the same quarter last year, the company earned $0.02 earnings per share. The firm’s revenue was up 114.6% on a year-over-year basis. Equities analysts forecast that Silver Spring Networks, Inc. will post ($0.03) earnings per share for the current fiscal year.

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SSNI has been the topic of a number of recent research reports. Zacks Investment Research cut Silver Spring Networks from a “hold” rating to a “sell” rating in a research note on Tuesday, May 16th. BidaskClub cut Silver Spring Networks from a “hold” rating to a “sell” rating in a research note on Saturday, July 8th. Pacific Crest cut Silver Spring Networks from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, May 10th. Guggenheim initiated coverage on Silver Spring Networks in a research note on Tuesday, June 20th. They set a “buy” rating and a $13.00 price objective on the stock. Finally, Raymond James Financial, Inc. restated a “strong-buy” rating on shares of Silver Spring Networks in a research note on Wednesday, June 28th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $14.18.

In other Silver Spring Networks news, insider Raj Vaswani sold 20,364 shares of the company’s stock in a transaction dated 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 64,462 shares of company stock valued at $653,702 over the last 90 days. Corporate insiders own 29.60% of the company’s stock.

Silver Spring Networks Company Profile

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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