Silver Spring Networks, Inc. (NYSE:SSNI) was downgraded by equities researchers at Guggenheim from a “buy” rating to a “neutral” rating in a report released on Monday, The Fly reports.

A number of other research analysts have also weighed in on the stock. BidaskClub lowered shares of Silver Spring Networks from a “hold” rating to a “sell” rating in a research note on Saturday, July 8th. Raymond James Financial, Inc. reissued a “strong-buy” rating on shares of Silver Spring Networks in a research note on Wednesday, June 28th. Zacks Investment Research raised shares of Silver Spring Networks from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 13th. FBR & Co reissued a “buy” rating on shares of Silver Spring Networks in a research note on Monday, September 11th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $11.00 target price (up from $9.00) on shares of Silver Spring Networks in a research note on Friday, September 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $14.23.

Shares of Silver Spring Networks (SSNI) traded up 24.00% during midday trading on Monday, reaching $16.12. The company’s stock had a trading volume of 18,288,589 shares. Silver Spring Networks has a 52 week low of $9.68 and a 52 week high of $16.18. The company has a 50 day moving average price of $12.43 and a 200-day moving average price of $11.26. The stock’s market capitalization is $863.47 million.

Silver Spring Networks (NYSE:SSNI) last released its earnings results on Tuesday, August 8th. The technology company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.41. The business had revenue of $261.60 million during the quarter, compared to analysts’ expectations of $69.10 million. During the same period last year, the business earned $0.02 earnings per share. The company’s revenue for the quarter was up 114.6% compared to the same quarter last year. On average, equities research analysts expect that Silver Spring Networks will post $0.03 EPS for the current year.

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In other news, insider Raj Vaswani sold 9,611 shares of Silver Spring Networks stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $12.97, for a total transaction of $124,654.67. Following the sale, the insider now owns 634,727 shares of the company’s stock, valued at approximately $8,232,409.19. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have sold 84,065 shares of company stock worth $1,041,724. Corporate insiders own 29.60% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in SSNI. Teachers Advisors LLC raised its position in shares of Silver Spring Networks by 2.3% during the 4th quarter. Teachers Advisors LLC now owns 60,680 shares of the technology company’s stock valued at $808,000 after buying an additional 1,380 shares during the period. Nationwide Fund Advisors raised its position in shares of Silver Spring Networks by 23.4% during the 1st quarter. Nationwide Fund Advisors now owns 32,120 shares of the technology company’s stock valued at $363,000 after buying an additional 6,097 shares during the period. Russell Investments Group Ltd. raised its position in shares of Silver Spring Networks by 12.2% during the 1st quarter. Russell Investments Group Ltd. now owns 34,900 shares of the technology company’s stock valued at $394,000 after buying an additional 3,800 shares during the period. Wells Fargo & Company MN raised its position in shares of Silver Spring Networks by 71.9% during the 1st quarter. Wells Fargo & Company MN now owns 206,135 shares of the technology company’s stock valued at $2,327,000 after buying an additional 86,197 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Silver Spring Networks by 10.5% during the 1st quarter. First Trust Advisors LP now owns 108,378 shares of the technology company’s stock valued at $1,224,000 after buying an additional 10,329 shares during the period. 78.30% 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 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.

The Fly

Analyst Recommendations for Silver Spring Networks (NYSE:SSNI)

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