Silver Spring Networks Inc. (NYSE:SSNI)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Oppenheimer Holdings Inc. in a research note issued on Monday. They currently have a $17.00 price objective on the stock, up from their previous price objective of $15.00. Oppenheimer Holdings Inc.’s price objective points to a potential upside of 21.78% from the stock’s current price.
A number of other equities analysts have also recently commented on SSNI. Raymond James Financial Inc. raised Silver Spring Networks from an “outperform” rating to a “strong-buy” rating and set a $16.00 target price on the stock in a report on Thursday, June 30th. Pacific Crest reissued a “buy” rating and set a $17.00 price target on shares of Silver Spring Networks in a report on Friday, August 5th. Canaccord Genuity set a $13.00 price target on Silver Spring Networks and gave the company a “hold” rating in a report on Saturday, August 6th. Zacks Investment Research raised Silver Spring Networks from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a report on Thursday, August 11th. Finally, Wunderlich raised their price target on Silver Spring Networks from $16.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, September 28th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $15.22.
Silver Spring Networks (NYSE:SSNI) opened at 13.96 on Monday. The stock has a market capitalization of $720.20 million, a PE ratio of 10.67 and a beta of 1.76. Silver Spring Networks has a 12-month low of $9.55 and a 12-month high of $16.18. The stock has a 50 day moving average price of $13.81 and a 200-day moving average price of $13.27.
Silver Spring Networks (NYSE:SSNI) last announced its earnings results on Thursday, August 4th. The company reported $0.02 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.07. The company earned $71.85 million during the quarter, compared to the consensus estimate of $68.18 million. During the same period in the prior year, the business posted $0.02 earnings per share. Silver Spring Networks’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, equities analysts anticipate that Silver Spring Networks will post $0.14 earnings per share for the current fiscal year.
In related news, CTO Donald L. Reeves III sold 5,129 shares of Silver Spring Networks stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $14.00, for a total value of $71,806.00. Following the completion of the transaction, the chief technology officer now owns 42,823 shares in the company, valued at $599,522. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 29.60% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SSNI. Old Mutual Global Investors UK Ltd. bought a new position in Silver Spring Networks during the second quarter valued at approximately $277,000. Shinko Asset Management Co. Ltd. raised its position in shares of Silver Spring Networks by 1.3% in the second quarter. Shinko Asset Management Co. Ltd. now owns 24,724 shares of the company’s stock valued at $300,000 after buying an additional 327 shares during the period. Hamilton Lane Advisors LLC acquired a new position in shares of Silver Spring Networks during the second quarter valued at about $420,000. Franklin Street Advisors Inc. NC acquired a new position in shares of Silver Spring Networks during the second quarter valued at about $141,000. Finally, Robecosam AG raised its position in shares of Silver Spring Networks by 16.4% in the first quarter. Robecosam AG now owns 420,363 shares of the company’s stock valued at $6,184,000 after buying an additional 59,363 shares during the period. Institutional investors own 75.23% of the company’s stock.
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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