Zacks Downgrades Silver Spring Networks to Underperform (SSNI)
Silver Spring Networks (NASDAQ:SSNI) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research note issued on Monday. They currently have a $11.30 target price on the stock. Zacks‘s price target would indicate a potential downside of 5.20% from the stock’s previous close.
A number of other analysts have also recently weighed in on SSNI. Analysts at Canaccord Genuity cut their price target on shares of Silver Spring Networks from $18.00 to $13.00 in a research note on Friday, May 9th. Separately, analysts at Credit Suisse reiterated a “neutral” rating on shares of Silver Spring Networks in a research note on Wednesday, May 7th. They now have a $16.00 price target on the stock, down previously from $20.00. Finally, analysts at Evercore Partners cut their price target on shares of Silver Spring Networks from $20.00 to $18.00 in a research note on Wednesday, May 7th. They now have an “overweight” rating on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $17.16.
Shares of Silver Spring Networks (NASDAQ:SSNI) traded up 1.36% during mid-day trading on Monday, hitting $11.92. The stock had a trading volume of 118,816 shares. Silver Spring Networks has a 1-year low of $9.75 and a 1-year high of $33.82. The stock’s 50-day moving average is $13.7 and its 200-day moving average is $17.52. The company’s market cap is $575.5 million.
Silver Spring Networks (NASDAQ:SSNI) last released its earnings data on Tuesday, May 6th. The company reported ($0.19) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.20) by $0.01. The company had revenue of $71.80 million for the quarter, compared to the consensus estimate of $67.53 million. During the same quarter in the prior year, the company posted ($0.80) earnings per share. The company’s quarterly revenue was down 2.7% on a year-over-year basis. Analysts expect that Silver Spring Networks will post $-0.29 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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