Zacks: Analysts Anticipate Silver Spring Networks, Inc. (SSNI) Will Post Quarterly Sales of $79.07 Million
Brokerages expect Silver Spring Networks, Inc. (NYSE:SSNI) to announce $79.07 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Silver Spring Networks’ earnings. The lowest sales estimate is $76.88 million and the highest is $82.30 million. Silver Spring Networks reported sales of $76.14 million in the same quarter last year, which indicates a positive year-over-year growth rate of 3.8%. The firm is scheduled to announce its next earnings results 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 financial year, with estimates ranging from $300.80 million to $309.00 million. For the next fiscal year, analysts forecast that the business will post sales of $335.88 million per share, with estimates ranging from $330.50 million to $348.00 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Silver Spring Networks.
Silver Spring Networks (NYSE:SSNI) last released its quarterly earnings data on Tuesday, August 8th. The technology company reported $0.34 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.41. The company had revenue of $261.60 million during the quarter, compared to the consensus estimate of $69.10 million. The business’s revenue was up 114.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.02 EPS.
SSNI has been the subject of a number of research analyst reports. Cowen and Company reaffirmed a “buy” rating and issued a $16.00 price target on shares of Silver Spring Networks in a research note on Tuesday. FBR & Co reaffirmed a “buy” rating on shares of Silver Spring Networks in a research note on Monday. Guggenheim initiated coverage on Silver Spring Networks in a research note on Tuesday, June 20th. They issued a “buy” rating and a $13.00 price target for the company. Oppenheimer Holdings, Inc. set a $14.00 price target on Silver Spring Networks and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Finally, Zacks Investment Research raised Silver Spring Networks from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $14.23.
Shares of Silver Spring Networks (NYSE SSNI) remained flat at $12.99 during mid-day trading on Wednesday. 144,415 shares of the company’s stock were exchanged. The firm’s 50 day moving average is $12.22 and its 200-day moving average is $11.24. Silver Spring Networks has a one year low of $9.68 and a one year high of $15.40. The stock’s market cap is $695.81 million.
In other news, insider Raj Vaswani sold 9,611 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.97, for a total transaction of $124,654.67. Following the completion of the transaction, the insider now directly owns 634,727 shares in the company, valued at $8,232,409.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 84,065 shares of company stock valued at $1,041,724 in the last three months. Insiders own 29.60% of the company’s stock.
Several large investors have recently modified their holdings of the company. Legal & General Group Plc increased its holdings in shares of Silver Spring Networks by 10.8% during the second quarter. Legal & General Group Plc now owns 10,329 shares of the technology company’s stock valued at $117,000 after acquiring an additional 1,005 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of Silver Spring Networks by 0.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 146,434 shares of the technology company’s stock valued at $1,652,000 after acquiring an additional 1,296 shares in the last quarter. Teachers Advisors LLC increased its holdings in shares of Silver Spring Networks by 2.3% during the fourth quarter. Teachers Advisors LLC now owns 60,680 shares of the technology company’s stock valued at $808,000 after acquiring an additional 1,380 shares in the last quarter. American International Group Inc. increased its holdings in shares of Silver Spring Networks by 7.1% during the first quarter. American International Group Inc. now owns 23,335 shares of the technology company’s stock valued at $263,000 after acquiring an additional 1,543 shares in the last quarter. Finally, Stifel Financial Corp increased its holdings in shares of Silver Spring Networks by 19.3% during the second quarter. Stifel Financial Corp now owns 14,100 shares of the technology company’s stock valued at $162,000 after acquiring an additional 2,285 shares in the last quarter. Hedge funds and other institutional investors own 79.50% of the company’s stock.
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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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