Silver Spring Networks Inc. (NYSE:SSNI) had its price target raised by Wunderlich from $16.00 to $17.00 in a research report report published on Wednesday. The firm currently has a buy rating on the stock.
SSNI has been the topic of several other reports. Raymond James Financial Inc. upgraded Silver Spring Networks from an outperform rating to a strong-buy rating and set a $16.00 target price on the stock in a research note on Thursday, June 30th. Zacks Investment Research upgraded Silver Spring Networks from a hold rating to a buy rating and set a $15.00 target price on the stock in a research note on Thursday, August 11th. Pacific Crest reiterated a buy rating and set a $17.00 target price on shares of Silver Spring Networks in a research note on Friday, August 5th. Canaccord Genuity set a $13.00 price target on Silver Spring Networks and gave the stock a hold rating in a research note on Saturday, August 6th. Finally, KeyCorp restated a buy rating on shares of Silver Spring Networks in a research note on Saturday, June 4th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $15.00.
Silver Spring Networks (NYSE:SSNI) last issued its earnings results on Thursday, August 4th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.07. The business had revenue of $71.85 million for the quarter, compared to analysts’ expectations of $68.18 million. During the same quarter in the prior year, the business posted $0.02 earnings per share. The business’s revenue for the quarter was up 3.9% on a year-over-year basis.
In related news, CTO Donald L. Reeves III sold 5,129 shares of Silver Spring Networks stock in a transaction on Monday, August 29th. The stock was sold at an average price of $14.00, for a total transaction of $71,806.00. Following the transaction, the chief technology officer now directly owns 42,823 shares in the company, valued at $599,522. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 29.60% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. GSA Capital Partners LLP acquired a new stake in Silver Spring Networks during the second quarter worth approximately $877,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Silver Spring Networks by 4,419.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,905 shares of the company’s stock worth $497,000 after buying an additional 40,000 shares in the last quarter. Spark Investment Management LLC acquired a new stake in Silver Spring Networks during the first quarter worth approximately $501,000. RobecoSam USA Inc. boosted its stake in Silver Spring Networks by 2.5% in the second quarter. RobecoSam USA Inc. now owns 35,000 shares of the company’s stock worth $425,000 after buying an additional 842 shares in the last quarter. Finally, Robecosam AG boosted its stake in Silver Spring Networks by 16.4% in the first quarter. Robecosam AG now owns 420,363 shares of the company’s stock worth $6,184,000 after buying an additional 59,363 shares in the last quarter. 75.23% of the stock is currently owned by institutional investors and hedge funds.
About Silver Spring Networks
Silver Spring Networks, Inc is engaged in creating, building and deploying 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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