Silver Spring Networks’ (SSNI) Outperform Rating Reiterated at Oppenheimer Holdings Inc.
Silver Spring Networks Inc. (NYSE:SSNI)‘s stock had its “outperform” rating reiterated by analysts at Oppenheimer Holdings Inc. in a report issued on Monday. They currently have a $17.00 price target on the stock, up from their previous price target of $15.00. Oppenheimer Holdings Inc.’s price objective would suggest a potential upside of 21.78% from the stock’s current price.
Several other equities analysts have also recently commented on SSNI. Raymond James Financial Inc. upgraded Silver Spring Networks from an “outperform” rating to a “strong-buy” rating and set a $16.00 target price for the company in a research note on Thursday, June 30th. Pacific Crest reiterated a “buy” rating and set a $17.00 target price on shares of Silver Spring Networks in a research note on Friday, August 5th. Canaccord Genuity set a $13.00 target price on Silver Spring Networks and gave the company a “hold” rating in a research note on Saturday, August 6th. Zacks Investment Research upgraded Silver Spring Networks from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Thursday, August 11th. Finally, Wunderlich increased their target price on Silver Spring Networks from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, September 28th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Silver Spring Networks presently has an average rating of “Buy” and an average price target of $15.22.
Shares of Silver Spring Networks (NYSE:SSNI) traded up 0.79% during trading on Monday, reaching $14.07. 16,232 shares of the company’s stock traded hands. The company has a market capitalization of $725.87 million, a price-to-earnings ratio of 10.76 and a beta of 1.76. Silver Spring Networks has a 1-year low of $9.55 and a 1-year high of $16.18. The company has a 50 day moving average of $13.81 and a 200-day moving average of $13.27.
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Silver Spring Networks (NYSE:SSNI) last released its earnings results on Thursday, August 4th. The company reported $0.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.07. The business had revenue of $71.85 million for the quarter, compared to analysts’ expectations of $68.18 million. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.02 earnings per share. Equities analysts predict that Silver Spring Networks will post $0.14 earnings per share for the current year.
In other Silver Spring Networks 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 sale, the chief technology officer now directly owns 42,823 shares of the company’s stock, valued at $599,522. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 29.60% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of SSNI. Algert Global LLC raised 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 valued at $213,000 after buying an additional 4,322 shares in the last quarter. Royce & Associates LP raised its stake in shares of Silver Spring Networks by 62.3% in the first quarter. Royce & Associates LP now owns 284,000 shares of the company’s stock valued at $4,189,000 after buying an additional 109,000 shares in the last quarter. Spark Investment Management LLC bought a new stake in shares of Silver Spring Networks during the first quarter valued at $501,000. HBK Investments L P raised 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 valued at $310,000 after buying an additional 9,325 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of Silver Spring Networks by 39.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 143,086 shares of the company’s stock valued at $2,111,000 after buying an additional 40,352 shares in the last quarter. 75.23% of the stock is currently owned by hedge funds and other institutional investors.
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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