Wall Street analysts expect Silver Spring Networks, Inc. (NYSE:SSNI) to report earnings per share of ($0.16) for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Silver Spring Networks’ earnings, with the highest EPS estimate coming in at ($0.13) and the lowest estimate coming in at ($0.19). Silver Spring Networks reported earnings of ($0.11) per share in the same quarter last year, which indicates a negative year-over-year growth rate of 45.5%. The business is expected to announce its next earnings results after the market closes on Tuesday, August 8th.
On average, analysts expect that Silver Spring Networks will report full-year earnings of ($0.46) per share for the current year, with EPS estimates ranging from ($0.48) to ($0.42). For the next financial year, analysts expect that the business will report earnings of ($0.20) per share, with EPS estimates ranging from ($0.27) to ($0.13). Zacks’ EPS calculations are an average based on a survey of sell-side research firms that follow Silver Spring Networks.
Several equities analysts have recently weighed in on the stock. Raymond James Financial, Inc. reaffirmed a “strong-buy” rating on shares of Silver Spring Networks in a report on Wednesday, June 28th. Guggenheim assumed coverage on shares of Silver Spring Networks in a report on Tuesday, June 20th. They set a “buy” rating and a $13.00 target price for the company. Zacks Investment Research lowered shares of Silver Spring Networks from a “hold” rating to a “sell” rating in a report on Tuesday, May 16th. Benchmark Co. assumed coverage on shares of Silver Spring Networks in a report on Tuesday, April 25th. They set a “hold” rating for the company. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $9.00 target price (down from $11.00) on shares of Silver Spring Networks in a report on Thursday, May 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Silver Spring Networks currently has a consensus rating of “Hold” and an average target price of $14.18.
In other Silver Spring Networks news, insider Raj Vaswani sold 29,826 shares of Silver Spring Networks stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $9.87, for a total transaction of $294,382.62. Following the sale, the insider now owns 611,947 shares of the company’s stock, valued at approximately $6,039,916.89. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 64,462 shares of company stock worth $653,702. 29.60% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the company. Neuberger Berman Group LLC boosted its position in Silver Spring Networks by 7.3% in the second quarter. Neuberger Berman Group LLC now owns 2,892,353 shares of the technology company’s stock valued at $32,626,000 after buying an additional 197,957 shares during the last quarter. Vanguard Group Inc. boosted its position in Silver Spring Networks by 10.6% in the first quarter. Vanguard Group Inc. now owns 1,619,151 shares of the technology company’s stock valued at $18,280,000 after buying an additional 155,130 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Silver Spring Networks by 28.0% in the first quarter. Bank of New York Mellon Corp now owns 1,405,450 shares of the technology company’s stock valued at $15,868,000 after buying an additional 307,866 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Silver Spring Networks by 14.5% in the first quarter. Dimensional Fund Advisors LP now owns 886,065 shares of the technology company’s stock valued at $10,004,000 after buying an additional 112,428 shares during the last quarter. Finally, Rothschild Asset Management Inc. bought a new position in Silver Spring Networks during the first quarter valued at $8,829,000. 75.76% of the stock is currently owned by institutional investors.
Silver Spring Networks (SSNI) traded down 0.09% during trading on Friday, hitting $11.21. 146,695 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $11.00 and its 200 day moving average price is $11.33. The firm’s market cap is $596.06 million. Silver Spring Networks has a 12-month low of $9.68 and a 12-month high of $15.40.
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About Silver Spring Networks
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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