Silver Spring Networks, Inc. (SSNI) Given Buy Rating at Cowen and Company

Cowen and Company reiterated their buy rating on shares of Silver Spring Networks, Inc. (NYSE:SSNI) in a report released on Tuesday. The brokerage currently has a $16.00 price target on the technology company’s stock.

Other analysts also recently issued reports about the company. Zacks Investment Research upgraded Silver Spring Networks from a strong sell rating to a hold rating in a research note on Thursday, July 13th. Oppenheimer Holdings, Inc. set a $14.00 price target on Silver Spring Networks and gave the company a buy rating in a research note on Wednesday, August 9th. Canaccord Genuity boosted their price target on Silver Spring Networks from $10.50 to $11.50 and gave the company a hold rating in a research note on Monday, August 14th. Williams Capital boosted their price target on Silver Spring Networks from $11.00 to $12.00 and gave the company a hold rating in a research note on Wednesday, August 9th. Finally, FBR & Co restated a buy rating on shares of Silver Spring Networks in a research note on Monday. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Silver Spring Networks has a consensus rating of Hold and a consensus price target of $14.23.

Shares of Silver Spring Networks (SSNI) opened at 12.99 on Tuesday. Silver Spring Networks has a 52-week low of $9.68 and a 52-week high of $15.40. The company’s market capitalization is $695.81 million. The stock has a 50 day moving average price of $12.22 and a 200 day moving average price of $11.24.

Silver Spring Networks (NYSE:SSNI) last posted its earnings results on Tuesday, August 8th. The technology company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.41. The business had revenue of $261.60 million for the quarter, compared to analyst estimates of $69.10 million. The firm’s revenue was up 114.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.02 earnings per share. On average, analysts predict that Silver Spring Networks will post $0.03 earnings per share for the current fiscal year.

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In other news, insider Raj Vaswani sold 13,994 shares of the company’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $12.60, for a total transaction of $176,324.40. Following the completion of the sale, the insider now directly owns 647,031 shares in the company, valued at approximately $8,152,590.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 84,065 shares of company stock valued at $1,041,724. Corporate insiders own 29.60% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Legal & General Group Plc lifted its position in shares of Silver Spring Networks by 10.8% during the 2nd 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 during the period. Oppenheimer & Co. Inc. bought a new stake in shares of Silver Spring Networks during the 2nd quarter valued at $117,000. Stifel Financial Corp lifted its position 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 valued at $162,000 after acquiring an additional 2,285 shares during the period. Trexquant Investment LP bought a new stake in shares of Silver Spring Networks during the 2nd quarter valued at $171,000. Finally, Global X Management Co. LLC lifted its position in shares of Silver Spring Networks by 403.2% during the 1st quarter. Global X Management Co. LLC now owns 15,810 shares of the technology company’s stock valued at $178,000 after acquiring an additional 12,668 shares during the period. Hedge funds and other institutional investors own 79.50% of the company’s stock.

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.

Analyst Recommendations for Silver Spring Networks (NYSE:SSNI)

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