Insider Selling: Scott Lang Sells 32,296 Shares of Silver Spring Networks Stock (SSNI)
Silver Spring Networks (NASDAQ:SSNI) CEO Scott Lang unloaded 32,296 shares of the stock on the open market in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $17.03, for a total transaction of $550,000.88. Following the completion of the sale, the chief executive officer now directly owns 27,703 shares in the company, valued at approximately $471,782. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
SSNI has been the subject of a number of recent research reports. Analysts at Goldman Sachs Group Inc. upgraded shares of Silver Spring Networks from a “neutral” rating to a “buy” rating in a research note to investors on Wednesday, September 25th. They now have a $26.00 price target on the stock. Separately, analysts at Evercore Partners initiated coverage on shares of Silver Spring Networks in a research note to investors on Friday, September 6th. They set an “overweight” rating and a $24.00 price target on the stock. Finally, analysts at Canaccord Genuity set a $25.00 price target on shares of Silver Spring Networks in a research note to investors on Tuesday, August 20th. They now have a “hold” rating on the stock. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $26.63.
Shares of Silver Spring Networks (NASDAQ:SSNI) traded down 1.59% during mid-day trading on Tuesday, hitting $16.70. 479,026 shares of the company’s stock traded hands. Silver Spring Networks has a 52-week low of $15.09 and a 52-week high of $33.82. The stock has a 50-day moving average of $18.28 and a 200-day moving average of $20.6. The company’s market cap is $778.9 million.
Silver Spring Networks (NASDAQ:SSNI) last announced its earnings results 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. The company’s quarterly revenue was up 100.6% on a year-over-year basis. Analysts expect that Silver Spring Networks will post $0.13 EPS 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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