Silver Spring Networks, Inc. (SSNI) Price Target Raised to $16.25

Silver Spring Networks, Inc. (NYSE:SSNI) had its price target raised by Canaccord Genuity from $11.50 to $16.25 in a report published on Tuesday morning. Canaccord Genuity currently has a hold rating on the technology company’s stock.

A number of other equities analysts have also commented on the company. BidaskClub lowered Silver Spring Networks from a hold rating to a sell rating in a research note on Saturday, July 8th. Guggenheim initiated coverage on Silver Spring Networks in a research note on Tuesday, June 20th. They issued a buy rating and a $13.00 price objective on the stock. Raymond James Financial, Inc. reissued a strong-buy rating on shares of Silver Spring Networks in a research note on Wednesday, June 28th. FBR & Co reissued a buy rating on shares of Silver Spring Networks in a research note on Monday, September 11th. Finally, Zacks Investment Research raised Silver Spring Networks from a strong sell rating to a hold rating in a research note on Thursday, July 13th. Thirteen analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Silver Spring Networks currently has a consensus rating of Hold and an average price target of $15.04.

Silver Spring Networks (SSNI) opened at 16.18 on Tuesday. The firm’s market capitalization is $866.68 million. Silver Spring Networks has a one year low of $9.68 and a one year high of $16.18. The stock’s 50 day moving average price is $12.71 and its 200-day moving average price is $11.31.

Silver Spring Networks (NYSE:SSNI) last posted its quarterly earnings data 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 business had revenue of $261.60 million during 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 prior year, the firm posted $0.02 EPS. On average, equities research analysts anticipate that Silver Spring Networks will post $0.03 earnings per share for the current fiscal year.

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In other news, insider Donald L. Reeves III sold 30,579 shares of the company’s 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 transaction, the insider now owns 32,260 shares of the company’s stock, valued at $520,999. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Raj Vaswani sold 14,272 shares of the company’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $10.48, for a total value of $149,570.56. Following the transaction, the insider now directly 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 ninety days. 29.60% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Legal & General Group Plc lifted its stake in shares of Silver Spring Networks by 10.8% during the second quarter. Legal & General Group Plc now owns 10,329 shares of the technology company’s stock valued at $117,000 after acquiring an additional 1,005 shares during the period. Oppenheimer & Co. Inc. bought a new stake in Silver Spring Networks in the second quarter valued at about $117,000. Stifel Financial Corp increased its holdings 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 purchasing an additional 2,285 shares during the last quarter. Trexquant Investment LP bought a new stake in Silver Spring Networks in the second quarter valued at about $171,000. Finally, Global X Management Co. LLC increased its holdings 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 purchasing an additional 12,668 shares during 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.

Analyst Recommendations for Silver Spring Networks (NYSE:SSNI)

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