Silver Spring Networks, Inc. (SSNI) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Silver Spring Networks, Inc. (NYSE:SSNI) from a strong sell rating to a hold rating in a report released on Thursday, July 13th.

According to Zacks, “Silver Spring Networks, Inc. operates as a networking platform and solutions provider for smart energy networks. It enables utilities to transform the power grid infrastructure into the smart grid. The Company supplies hardware, software and services that connect devices on the grid that deploys metering, demand response, distribution automation, and distributed generation. Silver Spring Networks, Inc. is headquartered in Redwood City, CA. “

A number of other brokerages also recently issued reports on SSNI. Cowen and Company set a $17.00 price target on Silver Spring Networks and gave the company a buy rating in a report on Wednesday, May 10th. Oppenheimer Holdings, Inc. reaffirmed an outperform rating and issued a $14.00 price target (down from $17.00) on shares of Silver Spring Networks in a report on Friday, May 12th. FBR & Co reaffirmed an outperform rating and issued a $17.00 price target on shares of Silver Spring Networks in a report on Tuesday, March 28th. BidaskClub downgraded Silver Spring Networks from a hold rating to a sell rating in a report on Saturday, July 8th. Finally, CIBC lowered their price target on Silver Spring Networks from $17.00 to $14.00 and set an outperform rating for the company in a report on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $14.18.

Shares of Silver Spring Networks (NYSE SSNI) opened at 11.21 on Thursday. The stock’s market cap is $596.06 million. Silver Spring Networks has a 52-week low of $9.68 and a 52-week high of $15.40. The stock’s 50 day moving average is $11.00 and its 200 day moving average is $11.33.

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In other Silver Spring Networks news, insider Raj Vaswani sold 20,364 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $10.30, for a total value of $209,749.20. Following the completion of the transaction, the insider now owns 602,355 shares in the company, valued at $6,204,256.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 64,462 shares of company stock valued at $653,702 in the last quarter. 29.60% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Legal & General Group Plc boosted its position in shares of 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 worth $117,000 after buying an additional 1,005 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Silver Spring Networks by 0.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 146,434 shares of the technology company’s stock worth $1,652,000 after buying an additional 1,296 shares in the last quarter. Teachers Advisors LLC boosted its position in shares of Silver Spring Networks by 2.3% in the fourth quarter. Teachers Advisors LLC now owns 60,680 shares of the technology company’s stock worth $808,000 after buying an additional 1,380 shares in the last quarter. American International Group Inc. boosted its position in shares of Silver Spring Networks by 7.1% in the first quarter. American International Group Inc. now owns 23,335 shares of the technology company’s stock worth $263,000 after buying an additional 1,543 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its position in shares of Silver Spring Networks by 11.9% in the first quarter. Asset Management One Co. Ltd. now owns 24,339 shares of the technology company’s stock worth $275,000 after buying an additional 2,596 shares in the last quarter. Institutional investors and hedge funds own 75.76% 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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Analyst Recommendations for Silver Spring Networks (NYSE:SSNI)

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