Donald L. Reeves III Sells 30,579 Shares of Silver Spring Networks, Inc. (SSNI) Stock
Silver Spring Networks, Inc. (NYSE:SSNI) insider Donald L. Reeves III sold 30,579 shares of the stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $16.15, for a total value of $493,850.85. Following the transaction, the insider now owns 32,260 shares of the company’s stock, valued at $520,999. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Silver Spring Networks, Inc. (SSNI) opened at 16.15 on Friday. The company’s 50-day moving average price is $12.71 and its 200 day moving average price is $11.31. Silver Spring Networks, Inc. has a 52 week low of $9.68 and a 52 week high of $16.19. The company’s market capitalization is $865.07 million.
Silver Spring Networks (NYSE:SSNI) last announced its quarterly earnings data on Tuesday, August 8th. The technology company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.41. The firm had revenue of $261.60 million for the quarter, compared to analyst estimates of $69.10 million. Silver Spring Networks’s revenue for the quarter was up 114.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 EPS. On average, equities research analysts anticipate that Silver Spring Networks, Inc. will post $0.03 EPS for the current year.
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Several equities analysts have recently commented on SSNI shares. Robert W. Baird reiterated a “neutral” rating and set a $11.00 target price (up from $9.00) on shares of Silver Spring Networks in a research note on Friday, September 8th. Cowen and Company reiterated a “buy” rating and set a $16.00 target price on shares of Silver Spring Networks in a research note on Tuesday, September 12th. Raymond James Financial, Inc. reiterated a “strong-buy” rating on shares of Silver Spring Networks in a research note on Wednesday, June 28th. Guggenheim started coverage on Silver Spring Networks in a research note on Tuesday, June 20th. They set a “buy” rating and a $13.00 target price for the company. Finally, BidaskClub cut Silver Spring Networks from a “hold” rating to a “sell” rating in a research note on Saturday, July 8th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the stock. Silver Spring Networks currently has an average rating of “Hold” and an average target price of $15.04.
A number of hedge funds have recently made changes to their positions in SSNI. Legal & General Group Plc boosted its stake in Silver Spring Networks by 10.8% in the 2nd quarter. Legal & General Group Plc now owns 10,329 shares of the technology company’s stock valued at $117,000 after buying an additional 1,005 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new stake in Silver Spring Networks in the 2nd quarter valued at $117,000. Stifel Financial Corp boosted its stake in Silver Spring Networks by 19.3% in the 2nd quarter. Stifel Financial Corp now owns 14,100 shares of the technology company’s stock valued at $162,000 after buying an additional 2,285 shares in the last quarter. Trexquant Investment LP acquired a new stake in Silver Spring Networks in the 2nd quarter valued at $171,000. Finally, Global X Management Co. LLC boosted its stake in Silver Spring Networks by 403.2% in the 1st quarter. Global X Management Co. LLC now owns 15,810 shares of the technology company’s stock valued at $178,000 after buying an additional 12,668 shares in the last quarter. 78.30% of the stock is currently owned by institutional investors and hedge funds.
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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