Trade Report: Today: Silver Spring Networks Inc. (SSNI) Coverage Initiated at Williams Capital

Today: Silver Spring Networks Inc. (SSNI) Coverage Initiated at Williams Capital

Stock analysts at Williams Capital started coverage on shares of Silver Spring Networks Inc. (NYSE:SSNI) in a report issued on Monday. The firm set a “buy” rating and a $18.00 price target on the stock. Williams Capital’s price objective suggests a potential upside of 22.45% from the stock’s current price.

SSNI has been the topic of a number of other reports. Pacific Crest reissued a “buy” rating and set a $17.00 price objective on shares of Silver Spring Networks in a report on Friday, August 5th. Canaccord Genuity reissued a “hold” rating and set a $13.00 price objective on shares of Silver Spring Networks in a report on Friday, November 4th. Zacks Investment Research lowered shares of Silver Spring Networks from a “buy” rating to a “hold” rating in a report on Friday, October 21st. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $17.00 price target (up from $15.00) on shares of Silver Spring Networks in a report on Monday, October 10th. Finally, FBR & Co began coverage on shares of Silver Spring Networks in a report on Tuesday, November 8th. They issued an “outperform” rating and a $17.00 price target on the stock. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Silver Spring Networks currently has a consensus rating of “Buy” and a consensus target price of $16.33.

Silver Spring Networks (NYSE:SSNI) traded down 0.918% during midday trading on Monday, reaching $14.565. The company’s stock had a trading volume of 36,771 shares. The stock’s 50 day moving average price is $14.01 and its 200-day moving average price is $13.24. The stock has a market cap of $755.84 million, a price-to-earnings ratio of 13.832 and a beta of 1.74. Silver Spring Networks has a one year low of $9.55 and a one year high of $16.18.

Silver Spring Networks (NYSE:SSNI) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.08. The company had revenue of $74.20 million for the quarter, compared to analysts’ expectations of $75.29 million. Silver Spring Networks’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period last year, the firm earned $0.10 earnings per share. On average, analysts forecast that Silver Spring Networks will post $0.18 EPS for the current fiscal year.

In other Silver Spring Networks news, General Counsel Richard S. Jr. Arnold sold 8,621 shares of the company’s stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $14.90, for a total value of $128,452.90. Following the completion of the transaction, the general counsel now owns 5,523 shares in the company, valued at $82,292.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 29.60% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SSNI. Bank of New York Mellon Corp increased its position in Silver Spring Networks by 126.3% in the second quarter. Bank of New York Mellon Corp now owns 1,080,220 shares of the company’s stock valued at $13,124,000 after buying an additional 602,878 shares during the period. Ardsley Advisory Partners bought a new position in Silver Spring Networks during the third quarter valued at $4,747,000. Kleinwort Benson Investors Dublin Ltd bought a new position in Silver Spring Networks during the second quarter valued at $3,770,000. Summit Partners Public Asset Management LLC bought a new position in Silver Spring Networks during the third quarter valued at $3,545,000. Finally, Dimensional Fund Advisors LP increased its position in Silver Spring Networks by 64.2% in the second quarter. Dimensional Fund Advisors LP now owns 530,545 shares of the company’s stock valued at $6,444,000 after buying an additional 207,467 shares during the period. Hedge funds and other institutional investors own 77.42% of the company’s stock.

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