Silver Spring Networks Inc. (NYSE:SSNI) had its target price boosted by stock analysts at Wunderlich from $16.00 to $17.00 in a report issued on Wednesday, StockTargetPrices.com reports. The brokerage presently has a “buy” rating on the stock. Wunderlich’s price objective points to a potential upside of 21.95% from the company’s current price.
Other equities research analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Silver Spring Networks from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Thursday, August 11th. Raymond James Financial Inc. raised shares of Silver Spring Networks from an “outperform” rating to a “strong-buy” rating and set a $16.00 price objective for the company in a report on Thursday, June 30th. Canaccord Genuity set a $13.00 price objective on shares of Silver Spring Networks and gave the company a “hold” rating in a report on Saturday, August 6th. KeyCorp reissued a “buy” rating on shares of Silver Spring Networks in a report on Saturday, June 4th. Finally, Pacific Crest reissued a “buy” rating and issued a $17.00 price objective on shares of Silver Spring Networks in a report on Friday, August 5th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $15.00.
Silver Spring Networks (NYSE:SSNI) opened at 13.94 on Wednesday. The company has a market capitalization of $719.16 million, a P/E ratio of 10.66 and a beta of 1.77. Silver Spring Networks has a 52 week low of $9.55 and a 52 week high of $16.18. The stock’s 50 day moving average is $13.72 and its 200 day moving average is $13.25.
Silver Spring Networks (NYSE:SSNI) last issued its earnings results on Thursday, August 4th. The company reported $0.02 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.07. The business earned $71.85 million during the quarter, compared to analyst estimates of $68.18 million. Silver Spring Networks’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the company earned $0.02 earnings per share. On average, equities research analysts expect that Silver Spring Networks will post $0.14 earnings per share for the current year.
In other news, CTO Donald L. Reeves III sold 5,129 shares of the firm’s 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 transaction, the chief technology officer now owns 42,823 shares of the company’s stock, valued at $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 insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. GSA Capital Partners LLP acquired a new position in Silver Spring Networks during the second quarter valued at approximately $877,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Silver Spring Networks by 4,419.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,905 shares of the company’s stock valued at $497,000 after buying an additional 40,000 shares during the last quarter. Spark Investment Management LLC acquired a new position in Silver Spring Networks during the first quarter valued at approximately $501,000. RobecoSam USA Inc. raised its position in Silver Spring Networks by 2.5% in the second quarter. RobecoSam USA Inc. now owns 35,000 shares of the company’s stock valued at $425,000 after buying an additional 842 shares during the last quarter. Finally, Robecosam AG raised 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. 75.23% of the stock is owned by institutional investors and hedge funds.
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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