Silver Spring Networks Inc (SSNI) Expected to Post Quarterly Sales of $80.39 Million
Wall Street brokerages expect that Silver Spring Networks Inc (NYSE:SSNI) will post sales of $80.39 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Silver Spring Networks’ earnings, with the highest sales estimate coming in at $82.88 million and the lowest estimate coming in at $77.00 million. Silver Spring Networks reported sales of $66.25 million during the same quarter last year, which indicates a positive year over year growth rate of 21.3%. The business is expected to issue its next quarterly earnings results on Tuesday, February 20th.
According to Zacks, analysts expect that Silver Spring Networks will report full year sales of $80.39 million for the current year, with estimates ranging from $300.80 million to $313.00 million. For the next fiscal year, analysts anticipate that the business will report sales of $333.43 million per share, with estimates ranging from $324.70 million to $348.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Silver Spring Networks.
SSNI has been the topic of several research analyst reports. Guggenheim cut shares of Silver Spring Networks from a “buy” rating to a “neutral” rating and upped their price target for the stock from $13.00 to $16.00 in a report on Monday, September 18th. Oppenheimer reaffirmed a “buy” rating and issued a $14.00 price target on shares of Silver Spring Networks in a report on Monday, September 18th. FBR & Co cut shares of Silver Spring Networks from a “buy” rating to a “neutral” rating and set a $16.00 price target on the stock. in a report on Friday, September 22nd. BidaskClub raised shares of Silver Spring Networks from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Finally, Raymond James Financial reaffirmed a “market perform” rating and issued a $16.25 price target on shares of Silver Spring Networks in a report on Tuesday, September 19th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $14.95.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Neuberger Berman Group LLC boosted its position in Silver Spring Networks by 7.3% during the second quarter. Neuberger Berman Group LLC now owns 2,892,353 shares of the technology company’s stock valued at $32,626,000 after buying an additional 197,957 shares during the period. Magnetar Financial LLC purchased a new stake in Silver Spring Networks during the third quarter valued at about $31,789,000. Vanguard Group Inc. boosted its position in Silver Spring Networks by 7.6% during the second quarter. Vanguard Group Inc. now owns 1,742,571 shares of the technology company’s stock valued at $19,656,000 after buying an additional 123,420 shares during the period. Trigran Investments Inc. boosted its position in Silver Spring Networks by 2.5% during the third quarter. Trigran Investments Inc. now owns 1,491,592 shares of the technology company’s stock valued at $24,119,000 after buying an additional 36,206 shares during the period. Finally, Ardsley Advisory Partners boosted its position in Silver Spring Networks by 232.6% during the second quarter. Ardsley Advisory Partners now owns 1,264,000 shares of the technology company’s stock valued at $14,264,000 after buying an additional 884,000 shares during the period. Institutional investors and hedge funds own 76.05% of the company’s stock.
Silver Spring Networks (NYSE:SSNI) traded up $0.02 during trading on Friday, hitting $16.24. 2,052,591 shares of the stock traded hands, compared to its average volume of 965,269. Silver Spring Networks has a 52-week low of $9.68 and a 52-week high of $16.24.
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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