Brokerages forecast that Silver Spring Networks, Inc. (NYSE:SSNI) will report $79.07 million in sales for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Silver Spring Networks’ earnings, with the highest sales estimate coming in at $82.30 million and the lowest estimate coming in at $76.88 million. Silver Spring Networks reported sales of $76.14 million during the same quarter last year, which indicates a positive year-over-year growth rate of 3.8%. The firm is scheduled to issue its next quarterly earnings report on Thursday, November 2nd.

According to Zacks, analysts expect that Silver Spring Networks will report full year sales of $79.07 million for the current fiscal year, with estimates ranging from $300.80 million to $309.00 million. For the next fiscal year, analysts anticipate that the company will post sales of $335.23 million per share, with estimates ranging from $327.93 million to $348.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Silver Spring Networks.

Silver Spring Networks (NYSE:SSNI) last announced its quarterly earnings results on Tuesday, August 8th. The technology company reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.41. The company had revenue of $261.60 million during the quarter, compared to analyst estimates of $69.10 million. Silver Spring Networks’s quarterly revenue was up 114.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.02 EPS.

Several equities research analysts have recently issued reports on SSNI shares. Zacks Investment Research lowered Silver Spring Networks from a “hold” rating to a “sell” rating in a report on Tuesday, May 16th. BidaskClub lowered Silver Spring Networks from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Pacific Crest lowered Silver Spring Networks from an “overweight” rating to a “sector weight” rating in a report on Wednesday, May 10th. Guggenheim started coverage on Silver Spring Networks in a report on Tuesday, June 20th. They set a “buy” rating and a $13.00 price target for the company. Finally, Raymond James Financial, Inc. reiterated a “strong-buy” rating on shares of Silver Spring Networks in a report on Wednesday, June 28th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $14.05.

In related news, insider Raj Vaswani sold 14,272 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $10.48, for a total value of $149,570.56. Following the transaction, the insider now directly owns 596,393 shares of the company’s stock, valued at approximately $6,250,198.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 76,163 shares of company stock worth $895,322 over the last three months. 29.60% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc increased its position in shares of 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 in the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of Silver Spring Networks during the second quarter valued at approximately $117,000. Stifel Financial Corp increased its position in shares of Silver Spring Networks by 19.3% in the second quarter. Stifel Financial Corp now owns 14,100 shares of the technology company’s stock valued at $162,000 after buying an additional 2,285 shares in the last quarter. Trexquant Investment LP acquired a new position in shares of Silver Spring Networks during the second quarter valued at approximately $171,000. Finally, Global X Management Co. LLC increased its position in shares of Silver Spring Networks by 403.2% in the first quarter. Global X Management Co. LLC now owns 15,810 shares of the technology company’s stock valued at $178,000 after buying an additional 12,668 shares in the last quarter. 75.73% of the stock is currently owned by institutional investors.

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Shares of Silver Spring Networks (NYSE:SSNI) opened at 12.60 on Friday. Silver Spring Networks has a 52 week low of $9.68 and a 52 week high of $15.40. The company has a 50-day moving average price of $11.57 and a 200 day moving average price of $11.30. The firm’s market cap is $674.92 million.

Silver Spring Networks Company Profile

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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