Today: Today, Silver Spring Networks Inc. (SSNI) Receives New Coverage from Analysts at FBR & Co

Today, Silver Spring Networks Inc. (SSNI) Receives New Coverage from Analysts at FBR & Co

Equities research analysts at FBR & Co initiated coverage on shares of Silver Spring Networks Inc. (NYSE:SSNI) in a report issued on Tuesday. The firm set an “outperform” rating and a $17.00 price target on the stock. FBR & Co’s price objective indicates a potential upside of 15.65% from the stock’s current price.

Several other brokerages have also recently commented on SSNI. Zacks Investment Research cut Silver Spring Networks from a “buy” rating to a “hold” rating in a report on Wednesday, October 5th. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $17.00 target price (up previously from $15.00) on shares of Silver Spring Networks in a report on Monday, October 10th. Wunderlich boosted their target price on Silver Spring Networks from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, September 28th. Canaccord Genuity set a $13.00 price target on shares of Silver Spring Networks and gave the stock a “hold” rating in a research report on Saturday, August 6th. Finally, Pacific Crest restated a “buy” rating and issued a $17.00 price target on shares of Silver Spring Networks in a research report on Friday, August 5th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $16.13.

Shares of Silver Spring Networks (NYSE:SSNI) traded up 0.48% on Tuesday, hitting $14.70. The company’s stock had a trading volume of 40,322 shares. The company has a market cap of $762.84 million, a price-to-earnings ratio of 13.96 and a beta of 1.74. The stock’s 50 day moving average is $14.01 and its 200-day moving average is $13.24. Silver Spring Networks has a 52 week low of $9.55 and a 52 week high of $16.18.

Silver Spring Networks (NYSE:SSNI) last announced its earnings results on Thursday, November 3rd. The company reported $0.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.08. The firm had revenue of $74.20 million for the quarter, compared to the consensus estimate of $75.29 million. During the same period in the previous year, the firm earned $0.10 EPS. Silver Spring Networks’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, equities research analysts anticipate that Silver Spring Networks will post $0.18 earnings per share for the current year.

In other Silver Spring Networks news, CTO Donald L. Reeves III sold 5,129 shares of Silver Spring Networks stock in a transaction on Monday, August 29th. The shares were sold at an average price of $14.00, for a total transaction of $71,806.00. Following the completion of the sale, the chief technology officer now owns 42,823 shares of the company’s stock, valued at approximately $599,522. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Richard S. Jr. Arnold sold 8,621 shares of Silver Spring Networks stock in a transaction on Monday, November 21st. The shares were sold at an average price of $14.90, for a total transaction of $128,452.90. Following the sale, the general counsel now directly owns 5,523 shares of the company’s stock, valued at approximately $82,292.70. The disclosure for this sale can be found here. Company insiders own 29.60% of the company’s stock.

Large investors have recently modified their holdings of the stock. Rational Advisors LLC acquired a new stake in Silver Spring Networks during the second quarter valued at about $116,000. Guggenheim Capital LLC raised its stake in Silver Spring Networks by 5.6% in the second quarter. Guggenheim Capital LLC now owns 11,063 shares of the company’s stock valued at $135,000 after buying an additional 582 shares during the last quarter. Franklin Street Advisors Inc. NC acquired a new stake in Silver Spring Networks during the second quarter valued at about $141,000. AHL Partners LLP acquired a new stake in Silver Spring Networks during the second quarter valued at about $152,000. Finally, BlackRock Inc. raised its stake in Silver Spring Networks by 170.3% in the third quarter. BlackRock Inc. now owns 10,790 shares of the company’s stock valued at $153,000 after buying an additional 6,798 shares during the last quarter. 76.75% of the stock is owned by institutional investors.

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