Silver Spring Networks, Inc. (SSNI) Lowered to Strong Sell at BidaskClub

BidaskClub downgraded shares of Silver Spring Networks, Inc. (NYSE:SSNI) from a sell rating to a strong sell rating in a research report released on Friday morning.

A number of other brokerages have also recently weighed in on SSNI. FBR & Co cut shares of Silver Spring Networks from a buy rating to a neutral rating and set a $16.00 price objective on the stock. in a research note on Friday, September 22nd. JMP Securities cut shares of Silver Spring Networks to a market perform rating in a research note on Tuesday, September 19th. Raymond James Financial, Inc. cut shares of Silver Spring Networks from a strong-buy rating to a mkt perform rating in a research note on Wednesday, September 20th. Cowen and Company cut shares of Silver Spring Networks from an outperform rating to a market perform rating in a research note on Tuesday, September 19th. Finally, ValuEngine upgraded shares of Silver Spring Networks from a sell rating to a hold rating in a research note on Monday, September 18th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $14.95.

Shares of Silver Spring Networks (NYSE SSNI) traded down $0.01 during midday trading on Friday, hitting $16.12. 724,000 shares of the company were exchanged, compared to its average volume of 599,272. Silver Spring Networks has a fifty-two week low of $9.68 and a fifty-two week high of $16.24.

Silver Spring Networks (NYSE:SSNI) last issued its quarterly earnings data on Tuesday, August 8th. The technology company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates 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. During the same quarter in the prior year, the firm earned $0.02 earnings per share. Silver Spring Networks’s revenue for the quarter was up 114.6% compared to the same quarter last year. research analysts predict that Silver Spring Networks will post -0.43 EPS for the current year.

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In related news, insider Donald L. Reeves III sold 30,579 shares of Silver Spring Networks stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $16.15, for a total value of $493,850.85. Following the transaction, the insider now owns 32,260 shares of the company’s stock, valued at approximately $520,999. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Raj Vaswani sold 14,273 shares of Silver Spring Networks stock in a transaction dated Thursday, October 5th. The stock was 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. Over the last ninety days, insiders have sold 114,645 shares of company stock worth $1,617,370. 29.60% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of SSNI. UBS Asset Management Americas Inc. increased its stake in Silver Spring Networks by 106.2% in the 1st quarter. UBS Asset Management Americas Inc. now owns 21,036 shares of the technology company’s stock worth $237,000 after purchasing an additional 10,836 shares in the last quarter. Parametric Portfolio Associates LLC increased its stake in Silver Spring Networks by 291.2% in the 1st quarter. Parametric Portfolio Associates LLC now owns 64,674 shares of the technology company’s stock worth $730,000 after purchasing an additional 48,142 shares in the last quarter. American International Group Inc. increased its stake in Silver Spring Networks by 7.1% in the 1st quarter. American International Group Inc. now owns 23,335 shares of the technology company’s stock worth $263,000 after purchasing an additional 1,543 shares in the last quarter. Wellington Management Group LLP increased its stake in Silver Spring Networks by 360.1% in the 1st quarter. Wellington Management Group LLP now owns 266,482 shares of the technology company’s stock worth $3,008,000 after purchasing an additional 208,567 shares in the last quarter. Finally, Teachers Advisors LLC increased its stake in Silver Spring Networks by 3.3% in the 1st quarter. Teachers Advisors LLC now owns 62,692 shares of the technology company’s stock worth $708,000 after purchasing an additional 2,012 shares in the last quarter. 76.15% of the stock is currently owned by hedge funds and other institutional investors.

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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