Silver Spring Networks CEO Unloads $1,112,878 in Stock (SSNI)
Silver Spring Networks (NASDAQ:SSNI) CEO Scott Lang sold 63,593 shares of the stock on the open market in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $17.50, for a total transaction of $1,112,877.50. Following the sale, the chief executive officer now directly owns 27,703 shares of the company’s stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of analysts have recently weighed in on SSNI shares. Analysts at Evercore Partners initiated coverage on shares of Silver Spring Networks (NASDAQ:SSNI) in a research note to investors on Friday, September 6th. They set an “overweight” rating and a $24.00 price target on the stock. Separately, analysts at Canaccord Genuity set a $25.00 price target on shares of Silver Spring Networks (NASDAQ:SSNI) in a research note to investors on Tuesday, August 20th. They now have a “hold” rating on the stock.
Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Silver Spring Networks presently has an average rating of “Buy” and a consensus target price of $26.71.
Shares of Silver Spring Networks (NASDAQ:SSNI) traded down 2.57% on Wednesday, hitting $16.65. The stock had a trading volume of 450,582 shares. Silver Spring Networks has a 1-year low of $15.35 and a 1-year high of $33.82. The stock’s 50-day moving average is $24.47 and its 200-day moving average is $21.29. The company’s market cap is $776.6 million.
Silver Spring Networks (NASDAQ:SSNI) last released its earnings data on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.17) by $0.07. The company had revenue of $86.50 million for the quarter, compared to the consensus estimate of $79.60 million. Silver Spring Networks’s revenue was up 100.6% compared to the same quarter last year. On average, analysts predict that Silver Spring Networks will post $0.13 earnings per share for the current fiscal year.
Silver Spring Networks, Inc, provides a networking platform and solutions that enable utilities to transform the power grid infrastructure into the smart grid.
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