Silver Spring Networks, Inc. (SSNI) Upgraded at BidaskClub
Silver Spring Networks, Inc. (NYSE:SSNI) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.
A number of other research firms have also recently commented on SSNI. FBR & Co cut Silver Spring Networks from a “buy” rating to a “neutral” rating and set a $16.00 price target on the stock. in a research note on Friday. JMP Securities cut Silver Spring Networks to a “market perform” rating in a research note on Tuesday. Raymond James Financial, Inc. cut Silver Spring Networks from a “strong-buy” rating to a “mkt perform” rating in a research note on Wednesday. ValuEngine upgraded Silver Spring Networks from a “sell” rating to a “hold” rating in a research note on Monday. Finally, Canaccord Genuity increased their price objective on Silver Spring Networks from $11.50 to $16.25 and gave the company a “hold” rating in a research note on Tuesday. Thirteen analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $15.04.
Shares of Silver Spring Networks (NYSE SSNI) traded up 0.12% during midday trading on Friday, reaching $16.17. The company’s stock had a trading volume of 856,454 shares. The company’s market capitalization is $866.15 million. The stock’s 50-day moving average is $12.71 and its 200-day moving average is $11.31. Silver Spring Networks has a one year low of $9.68 and a one year high of $16.18.
Silver Spring Networks (NYSE:SSNI) last released 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 firm had revenue of $261.60 million for the quarter, compared to analyst estimates of $69.10 million. During the same quarter last year, the company earned $0.02 earnings per share. The firm’s revenue for the quarter was up 114.6% on a year-over-year basis. On average, equities analysts expect that Silver Spring Networks will post $0.03 earnings per share for the current fiscal year.
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In other Silver Spring Networks news, insider Donald L. Reeves III sold 30,579 shares of the firm’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $16.15, for a total value of $493,850.85. Following the sale, the insider now directly owns 32,260 shares in the company, valued at $520,999. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Raj Vaswani sold 9,611 shares of the firm’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $12.97, for a total value of $124,654.67. Following the completion of the sale, the insider now owns 634,727 shares in the company, valued at $8,232,409.19. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 114,644 shares of company stock worth $1,535,575. 29.60% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the business. Legal & General Group Plc raised its stake in Silver Spring Networks by 10.8% in the second 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 second quarter valued at $117,000. Stifel Financial Corp raised its stake in Silver Spring Networks by 19.3% in the second 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 second quarter valued at $171,000. Finally, Global X Management Co. LLC raised its stake in Silver Spring Networks by 403.2% in the first 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. Institutional investors own 78.30% 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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