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.
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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.
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