$69.11 Million in Sales Expected for Silver Spring Networks, Inc. (NYSE:SSNI) This Quarter
Equities research analysts expect Silver Spring Networks, Inc. (NYSE:SSNI) to announce $69.11 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Silver Spring Networks’ earnings, with the highest sales estimate coming in at $70.00 million and the lowest estimate coming in at $67.30 million. Silver Spring Networks reported sales of $71.85 million during the same quarter last year, which indicates a negative year-over-year growth rate of 3.8%. The company is scheduled to announce its next earnings results after the market closes on Tuesday, August 8th.
According to Zacks, analysts expect that Silver Spring Networks will report full year sales of $69.11 million for the current financial year, with estimates ranging from $299.00 million to $307.50 million. For the next fiscal year, analysts anticipate that the business will report sales of $337.33 million per share, with estimates ranging from $327.93 million to $356.00 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Silver Spring Networks.
Several research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Silver Spring Networks from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 13th. BidaskClub lowered shares of Silver Spring Networks from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th. Raymond James Financial, Inc. reiterated a “strong-buy” rating on shares of Silver Spring Networks in a research report on Wednesday, June 28th. Guggenheim assumed coverage on shares of Silver Spring Networks in a research report on Tuesday, June 20th. They issued a “buy” rating and a $13.00 target price for the company. Finally, CIBC cut their target price on shares of Silver Spring Networks from $17.00 to $14.00 and set an “outperform” rating for the company in a research report on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $14.18.
In other Silver Spring Networks news, insider Raj Vaswani sold 20,364 shares of the company’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $10.30, for a total transaction of $209,749.20. Following the completion of the sale, the insider now directly owns 602,355 shares in the company, valued at $6,204,256.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 64,462 shares of company stock valued at $653,702. Company insiders own 29.60% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Legal & General Group Plc raised its stake in Silver Spring Networks by 10.8% in the second quarter. Legal & General Group Plc now owns 10,329 shares of the technology company’s stock valued at $117,000 after buying an additional 1,005 shares during the last quarter. Rhumbline Advisers raised its stake in Silver Spring Networks by 18.2% in the second quarter. Rhumbline Advisers now owns 48,509 shares of the technology company’s stock worth $547,000 after buying an additional 7,465 shares in the last quarter. First Trust Advisors LP raised its stake in Silver Spring Networks by 9.1% in the second quarter. First Trust Advisors LP now owns 118,233 shares of the technology company’s stock worth $1,334,000 after buying an additional 9,855 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in Silver Spring Networks by 0.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 146,434 shares of the technology company’s stock worth $1,652,000 after buying an additional 1,296 shares in the last quarter. Finally, Trexquant Investment LP purchased a new stake in Silver Spring Networks during the second quarter worth $171,000. Institutional investors and hedge funds own 75.76% of the company’s stock.
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Shares of Silver Spring Networks (NYSE SSNI) opened at 11.17 on Monday. The company’s 50 day moving average price is $10.94 and its 200 day moving average price is $11.34. The firm’s market cap is $593.93 million. Silver Spring Networks has a 12-month low of $9.68 and a 12-month high of $15.40.
About Silver Spring Networks
Silver Spring Networks, Inc is engaged in creating, building and deploying large-scale 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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