Oppenheimer Holdings Inc. reissued their outperform rating on shares of Silver Spring Networks Inc. (NYSE:SSNI) in a report released on Monday. The firm currently has a $17.00 price objective on the stock, up from their previous price objective of $15.00.
SSNI has been the subject of several other reports. Pacific Crest reiterated a buy rating and set a $17.00 target price on shares of Silver Spring Networks in a report on Friday, August 5th. Zacks Investment Research lowered shares of Silver Spring Networks from a buy rating to a hold rating in a report on Wednesday, October 5th. Canaccord Genuity set a $13.00 target price on shares of Silver Spring Networks and gave the company a hold rating in a report on Saturday, August 6th. Raymond James Financial Inc. upgraded shares of Silver Spring Networks from an outperform rating to a strong-buy rating and set a $16.00 target price for the company in a report on Thursday, June 30th. Finally, Wunderlich lifted their target price on shares of Silver Spring Networks from $16.00 to $17.00 and gave the company a buy rating in a report on Wednesday, September 28th. 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 company’s stock. The company currently has an average rating of Buy and a consensus price target of $15.22.
Silver Spring Networks (NYSE:SSNI) traded down 0.93% during trading on Monday, reaching $13.90. The company had a trading volume of 12,828 shares. The firm has a market capitalization of $717.10 million, a PE ratio of 10.63 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 firm’s 50 day moving average price is $13.82 and its 200 day moving average price is $13.27.
Silver Spring Networks (NYSE:SSNI) last released its earnings results on Thursday, August 4th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 previous year, the business posted $0.02 earnings per share. Silver Spring Networks’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts forecast that Silver Spring Networks will post $0.14 EPS for the current year.
In other Silver Spring Networks news, CTO Donald L. Reeves III sold 5,129 shares of Silver Spring Networks stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $14.00, for a total value of $71,806.00. Following the completion of the sale, the chief technology officer now owns 42,823 shares of the company’s stock, valued at approximately $599,522. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 29.60% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of SSNI. Rational Advisors LLC acquired a new position in shares of Silver Spring Networks during the second quarter valued at $116,000. Guggenheim Capital LLC boosted its position in shares of Silver Spring Networks by 5.6% in the second quarter. Guggenheim Capital LLC now owns 11,063 shares of the company’s stock valued at $135,000 after buying an additional 582 shares in the last quarter. Franklin Street Advisors Inc. NC acquired a new position in shares of Silver Spring Networks during the second quarter valued at $141,000. AHL Partners LLP acquired a new position in shares of Silver Spring Networks during the second quarter valued at $152,000. Finally, KCG Holdings Inc. acquired a new position in shares of Silver Spring Networks during the second quarter valued at $181,000. Institutional investors and hedge funds 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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