Robecosam AG reduced its position in shares of Silver Spring Networks Inc (NYSE:SSNI) by 30.0% during the 4th quarter, HoldingsChannel reports. The fund owned 140,000 shares of the technology company’s stock after selling 60,000 shares during the quarter. Robecosam AG’s holdings in Silver Spring Networks were worth $2,276,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Magnetar Financial LLC bought a new position in shares of Silver Spring Networks in the third quarter valued at about $31,789,000. Deutsche Bank AG raised its position in shares of Silver Spring Networks by 145.6% in the fourth quarter. Deutsche Bank AG now owns 2,640,767 shares of the technology company’s stock valued at $42,884,000 after purchasing an additional 1,565,606 shares during the period. Allianz Asset Management GmbH raised its position in shares of Silver Spring Networks by 569.2% in the third quarter. Allianz Asset Management GmbH now owns 1,181,315 shares of the technology company’s stock valued at $19,101,000 after purchasing an additional 1,004,779 shares during the period. Kennedy Capital Management Inc. bought a new position in shares of Silver Spring Networks in the fourth quarter valued at about $13,913,000. Finally, Vivaldi Asset Management LLC bought a new position in shares of Silver Spring Networks in the third quarter valued at about $13,039,000. 75.53% of the stock is currently owned by hedge funds and other institutional investors.
In other Silver Spring Networks news, CEO Michael Bell sold 140,230 shares of the stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $16.23, for a total transaction of $2,275,932.90. Following the sale, the chief executive officer now directly owns 208,068 shares in the company, valued at $3,376,943.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Theresa Stynes sold 17,618 shares of the stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $16.23, for a total transaction of $285,940.14. Following the sale, the insider now owns 24,519 shares in the company, valued at $397,943.37. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 158,426 shares of company stock worth $2,571,260. 25.20% of the stock is owned by insiders.
A number of equities analysts recently commented on the stock. B. Riley set a $16.00 price target on shares of Silver Spring Networks and gave the stock a “hold” rating in a research report on Thursday, January 4th. Zacks Investment Research raised shares of Silver Spring Networks from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research report on Tuesday, January 2nd. Finally, Guggenheim reaffirmed a “hold” rating on shares of Silver Spring Networks in a research report on Friday, January 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $15.05.
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Silver Spring Networks 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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