Zacks: Brokerages Anticipate Silver Spring Networks, Inc. (SSNI) Will Announce Quarterly Sales of $77.32 Million

Wall Street analysts expect that Silver Spring Networks, Inc. (NYSE:SSNI) will report sales of $77.32 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Silver Spring Networks’ earnings. The highest sales estimate is $80.00 million and the lowest is $75.30 million. Silver Spring Networks posted sales of $76.14 million during the same quarter last year, which would indicate a positive year over year growth rate of 1.5%. The firm is expected to issue its next earnings results on Thursday, November 2nd.

On average, analysts expect that Silver Spring Networks will report full year sales of $77.32 million for the current fiscal year, with estimates ranging from $300.80 million to $309.00 million. For the next fiscal year, analysts expect that the business will report sales of $333.43 million per share, with estimates ranging from $324.70 million to $348.00 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow Silver Spring Networks.

Silver Spring Networks (NYSE:SSNI) last released its earnings results on Tuesday, August 8th. The technology company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.41. The company had revenue of $261.60 million for the quarter, compared to the consensus estimate of $69.10 million. The business’s revenue for the quarter was up 114.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.02 EPS.

A number of equities analysts recently commented on SSNI shares. BidaskClub downgraded Silver Spring Networks from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th. Raymond James Financial, Inc. reiterated a “strong-buy” rating on shares of Silver Spring Networks in a research report on Wednesday, June 28th. FBR & Co reiterated a “buy” rating on shares of Silver Spring Networks in a research report on Monday, September 11th. Zacks Investment Research upgraded Silver Spring Networks from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 13th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $11.00 price objective (up previously from $9.00) on shares of Silver Spring Networks in a research report on Friday, September 8th. Thirteen equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Silver Spring Networks currently has a consensus rating of “Hold” and an average target price of $14.95.

Silver Spring Networks (NYSE SSNI) opened at 16.11 on Friday. The stock’s 50 day moving average price is $15.11 and its 200 day moving average price is $12.13. Silver Spring Networks has a 52-week low of $9.68 and a 52-week high of $16.24. The company’s market cap is $862.93 million.

In other news, insider Donald L. Reeves III sold 30,579 shares of Silver Spring Networks stock in a transaction on Monday, September 18th. The stock was sold at an average price of $16.15, for a total value of $493,850.85. Following the completion of the sale, the insider now directly owns 32,260 shares of the company’s stock, valued at $520,999. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Raj Vaswani sold 14,273 shares of Silver Spring Networks stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $16.21, for a total value of $231,365.33. The disclosure for this sale can be found here. Insiders sold 114,645 shares of company stock worth $1,617,370 in the last 90 days. Company insiders own 29.60% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc grew its stake in shares of Silver Spring Networks by 10.8% in the second quarter. Legal & General Group Plc now owns 10,329 shares of the technology company’s stock valued at $117,000 after buying an additional 1,005 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Silver Spring Networks in the second quarter valued at $117,000. Stifel Financial Corp grew its stake in shares of Silver Spring Networks by 19.3% in the second quarter. Stifel Financial Corp now owns 14,100 shares of the technology company’s stock valued at $162,000 after buying an additional 2,285 shares in the last quarter. Trexquant Investment LP acquired a new stake in shares of Silver Spring Networks in the second quarter valued at $171,000. Finally, Global X Management Co. LLC grew its stake in shares of Silver Spring Networks by 403.2% in the first quarter. Global X Management Co. LLC now owns 15,810 shares of the technology company’s stock valued at $178,000 after buying an additional 12,668 shares in the last quarter. 79.48% of the stock is owned by institutional investors and hedge funds.

WARNING: This piece was originally posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this piece on another site, it was stolen and republished in violation of international copyright & trademark laws. The legal version of this piece can be viewed at https://www.dispatchtribunal.com/2017/10/29/zacks-brokerages-anticipate-silver-spring-networks-inc-ssni-will-announce-quarterly-sales-of-77-32-million.html.

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.

Get a free copy of the Zacks research report on Silver Spring Networks (SSNI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Silver Spring Networks Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Silver Spring Networks Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply