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 research firms have also issued reports on SSNI. Wunderlich boosted their price objective on Silver Spring Networks from $16.00 to $17.00 and gave the company a buy rating in a research note on Wednesday, September 28th. Canaccord Genuity set a $13.00 price objective on Silver Spring Networks and gave the company a hold rating in a research note on Saturday, August 6th. Pacific Crest reiterated a buy rating and set a $17.00 price objective on shares of Silver Spring Networks in a research note on Friday, August 5th. Finally, Raymond James Financial Inc. upgraded Silver Spring Networks from an outperform rating to a strong-buy rating and set a $16.00 price objective on the stock in a research note on Thursday, June 30th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $15.22.
Silver Spring Networks (NYSE:SSNI) opened at 14.03 on Wednesday. The stock’s 50 day moving average price is $13.82 and its 200-day moving average price is $13.27. The company has a market capitalization of $723.81 million, a P/E ratio of 10.73 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.
Silver Spring Networks (NYSE:SSNI) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.07. The company had revenue of $71.85 million for the quarter, compared to the consensus estimate of $68.18 million. During the same quarter in the previous year, the firm posted $0.02 earnings per share. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, equities research analysts predict that Silver Spring Networks will post $0.14 EPS for the current fiscal year.
In related news, CTO Donald L. Reeves III sold 5,129 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $14.00, for a total transaction of $71,806.00. Following the completion of 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 SEC, which is available through this link. Corporate insiders own 29.60% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the company. Old Mutual Global Investors UK Ltd. acquired a new position in Silver Spring Networks during the second quarter valued at approximately $277,000. Shinko Asset Management Co. Ltd. boosted its position in 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 last quarter. Hamilton Lane Advisors LLC acquired a new position in Silver Spring Networks during the second quarter valued at approximately $420,000. Franklin Street Advisors Inc. NC acquired a new position in Silver Spring Networks during the second quarter valued at approximately $141,000. Finally, Robecosam AG boosted its position in 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 last quarter. Institutional investors and hedge funds own 75.23% of the company’s stock.
Silver Spring Networks Company Profile
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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