Silver Spring Networks (SSNI) PT Set at $16.00 by B. Riley

Silver Spring Networks (NYSE:SSNI) has been assigned a $16.00 price target by equities research analysts at B. Riley in a research report issued to clients and investors on Thursday. The firm currently has a “hold” rating on the technology company’s stock. B. Riley’s target price points to a potential downside of 1.48% from the stock’s current price.

Several other research analysts have also recently commented on SSNI. Robert W. Baird restated a “neutral” rating and issued a $11.00 target price (up previously from $9.00) on shares of Silver Spring Networks in a research report on Friday, September 8th. FBR & Co restated a “buy” rating on shares of Silver Spring Networks in a research report on Monday, September 11th. Cowen restated a “buy” rating and issued a $16.00 target price on shares of Silver Spring Networks in a research report on Tuesday, September 12th. Guggenheim cut shares of Silver Spring Networks from a “buy” rating to a “neutral” rating and upped their target price for the stock from $13.00 to $16.00 in a research report on Monday, September 18th. Finally, Oppenheimer restated a “buy” rating and issued a $14.00 target price on shares of Silver Spring Networks in a research report on Monday, September 18th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $15.27.

Silver Spring Networks (NYSE:SSNI) traded down $0.01 during midday trading on Thursday, reaching $16.24. 1,209,600 shares of the company’s stock traded hands, compared to its average volume of 1,055,900. Silver Spring Networks has a 1 year low of $9.68 and a 1 year high of $16.26. The company has a market cap of $879.81 and a PE ratio of -19.57.

In related news, COO Aysegul Ildeniz sold 16,189 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $16.13, for a total value of $261,128.57. Following the completion of the sale, the chief operating officer now owns 19,664 shares in the company, valued at approximately $317,180.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Theresa Stynes sold 46,886 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $16.11, for a total transaction of $755,333.46. Following the completion of the sale, the insider now owns 23,749 shares of the company’s stock, valued at approximately $382,596.39. The disclosure for this sale can be found here. Insiders sold 359,521 shares of company stock valued at $5,820,088 over the last quarter. Insiders own 25.20% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc lifted its position in Silver Spring Networks by 10.8% in the 2nd quarter. Legal & General Group Plc now owns 10,329 shares of the technology company’s stock worth $117,000 after buying an additional 1,005 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Silver Spring Networks by 0.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 146,434 shares of the technology company’s stock worth $1,652,000 after purchasing an additional 1,296 shares during the last quarter. Teachers Advisors LLC increased its stake in shares of Silver Spring Networks by 3.3% during the 1st quarter. Teachers Advisors LLC now owns 62,692 shares of the technology company’s stock worth $708,000 after purchasing an additional 2,012 shares during the last quarter. Stifel Financial Corp increased its stake in shares of Silver Spring Networks by 19.3% during the 2nd quarter. Stifel Financial Corp now owns 14,100 shares of the technology company’s stock worth $162,000 after purchasing an additional 2,285 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Silver Spring Networks by 5.9% during the 2nd quarter. Alliancebernstein L.P. now owns 43,300 shares of the technology company’s stock worth $488,000 after purchasing an additional 2,400 shares during the last quarter. Institutional investors own 75.53% of the company’s stock.

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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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