Silver Spring Networks, Inc. (SSNI) Rating Lowered to Neutral at FBR & Co
FBR & Co downgraded shares of Silver Spring Networks, Inc. (NYSE:SSNI) from a buy rating to a neutral rating in a research report released on Friday, Marketbeat.com reports. They currently have $16.00 target price on the technology company’s stock.
“Logical tie-up. On September 18, Silver Spring announced that Itron made an all- cash offer of $16.25/share to acquire all the outstanding shares of Silver Spring. Both companies’ boards have approved the deal, so pending shareholder approval and regulatory review, the transaction is expected to close in late 4Q17 or 1Q18. We believe the deal will pass regulatory review if total endpoints (~43% share in the U.S) are not the only consideration. Overall we believe combining Silver Spring’s standards-based, open networking platform and Itron’s smart meter portfolio and solutions should result in a stronger combined company. We do not believe a competing bidder will emerge and expect the deal to receive shareholder approval as at least one VC appeared in favor of the deal. While some investors have communicated to us that Silver Spring, perhaps, could have held out for another $1 to $2/share, the deal was at a ~25% premium to Silver Spring’s price prior to the announcement.”,” the firm’s analyst wrote.
A number of other research analysts have also commented on SSNI. Guggenheim initiated coverage on Silver Spring Networks in a research note on Tuesday, June 20th. They issued a buy rating and a $13.00 target price for the company. Raymond James Financial, Inc. restated a strong-buy rating on shares of Silver Spring Networks in a research note on Wednesday, June 28th. BidaskClub lowered Silver Spring Networks from a hold rating to a sell rating in a research note on Saturday, July 8th. Zacks Investment Research upgraded Silver Spring Networks from a strong sell rating to a hold rating in a research note on Thursday, July 13th. Finally, Oppenheimer Holdings, Inc. set a $14.00 price objective on Silver Spring Networks and gave the stock a buy rating in a research note on Wednesday, August 9th. Thirteen analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Silver Spring Networks currently has a consensus rating of Hold and an average target price of $15.04.
Silver Spring Networks (NYSE SSNI) opened at 16.16 on Friday. The firm’s market cap is $865.61 million. Silver Spring Networks has a 12-month low of $9.68 and a 12-month high of $16.19. The firm has a 50-day moving average of $12.71 and a 200-day moving average of $11.31.
Silver Spring Networks (NYSE:SSNI) last issued its earnings results on Tuesday, August 8th. The technology company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.41. The firm had revenue of $261.60 million during the quarter, compared to analyst estimates of $69.10 million. The business’s revenue for the quarter was up 114.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.02 earnings per share. On average, analysts expect that Silver Spring Networks will post $0.03 EPS for the current year.
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In other news, insider Donald L. Reeves III sold 30,579 shares of the stock in a transaction on Monday, September 18th. The stock was sold at an average price of $16.15, for a total transaction of $493,850.85. Following the sale, the insider now owns 32,260 shares in the company, valued at $520,999. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Raj Vaswani sold 14,272 shares of the stock in a transaction on Monday, July 10th. The stock was sold at an average price of $10.48, for a total value of $149,570.56. Following the sale, the insider now owns 596,393 shares in the company, valued at approximately $6,250,198.64. The disclosure for this sale can be found here. Insiders have sold 114,644 shares of company stock worth $1,535,575 in the last 90 days. Company insiders own 29.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Delta Lloyd Asset Management N.V. bought a new stake in shares of Silver Spring Networks during the second quarter worth $3,158,000. Ameriprise Financial Inc. grew its holdings in shares of Silver Spring Networks by 16.3% during the first quarter. Ameriprise Financial Inc. now owns 381,629 shares of the technology company’s stock worth $4,309,000 after purchasing an additional 53,430 shares during the last quarter. Teachers Advisors LLC grew its holdings in shares of Silver Spring Networks by 2.3% during the fourth quarter. Teachers Advisors LLC now owns 60,680 shares of the technology company’s stock worth $808,000 after purchasing an additional 1,380 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Silver Spring Networks by 9.1% during the second quarter. First Trust Advisors LP now owns 118,233 shares of the technology company’s stock worth $1,334,000 after purchasing an additional 9,855 shares during the last quarter. Finally, Neuberger Berman Group LLC grew its holdings in shares of Silver Spring Networks by 7.3% during the second quarter. Neuberger Berman Group LLC now owns 2,892,353 shares of the technology company’s stock worth $32,626,000 after purchasing an additional 197,957 shares during the last quarter. Institutional investors own 77.14% 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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