Swiss National Bank increased its position in shares of Silver Spring Networks Inc. (NYSE:SSNI) by 2.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 63,000 shares of the company’s stock after buying an additional 1,600 shares during the period. Swiss National Bank owned 0.12% of Silver Spring Networks worth $765,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SSNI. Franklin Street Advisors Inc. NC acquired a new stake in shares of Silver Spring Networks during the second quarter worth about $141,000. Algert Global LLC increased its stake in shares of Silver Spring Networks by 42.7% in the first quarter. Algert Global LLC now owns 14,437 shares of the company’s stock worth $213,000 after buying an additional 4,322 shares during the period. Chilton Capital Management LLC acquired a new stake in shares of Silver Spring Networks during the first quarter worth about $229,000. HBK Investments L P increased its stake in shares of Silver Spring Networks by 79.9% in the first quarter. HBK Investments L P now owns 21,000 shares of the company’s stock worth $310,000 after buying an additional 9,325 shares during the period. Finally, Old Mutual Global Investors UK Ltd. acquired a new stake in shares of Silver Spring Networks during the second quarter worth about $277,000. Hedge funds and other institutional investors own 75.23% of the company’s stock.
Shares of Silver Spring Networks Inc. (NYSE:SSNI) traded down 0.07% during trading on Friday, reaching $13.96. The company had a trading volume of 130,936 shares. The stock has a market capitalization of $720.20 million, a price-to-earnings ratio of 10.67 and a beta of 1.76. The stock has a 50 day moving average of $13.81 and a 200 day moving average of $13.27. Silver Spring Networks Inc. has a 52-week low of $9.55 and a 52-week high of $16.18.
Silver Spring Networks (NYSE:SSNI) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.07. The company earned $71.85 million during the quarter, compared to analyst estimates of $68.18 million. During the same quarter in the prior year, the company posted $0.02 earnings per share. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts forecast that Silver Spring Networks Inc. will post $0.14 EPS for the current year.
SSNI has been the subject of a number of recent analyst reports. Wunderlich lifted their price target on Silver Spring Networks from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, September 28th. Raymond James Financial Inc. raised Silver Spring Networks from an “outperform” rating to a “strong-buy” rating and set a $16.00 price target for the company in a report on Thursday, June 30th. Zacks Investment Research raised Silver Spring Networks from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a report on Thursday, August 11th. Pacific Crest reaffirmed a “buy” rating and set a $17.00 price target on shares of Silver Spring Networks in a report on Friday, August 5th. Finally, Canaccord Genuity set a $13.00 target price on Silver Spring Networks and gave the company a “hold” rating in a report on Saturday, August 6th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $15.00.
In related news, CTO Donald L. Reeves III sold 5,129 shares of the stock in a transaction on 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 sale, the chief technology officer now directly owns 42,823 shares in the company, valued at approximately $599,522. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 29.60% of the stock is owned by corporate insiders.
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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