Silver Spring Networks Inc (NYSE:SSNI) has received an average recommendation of “Buy” from the ten brokerages that are currently covering the stock. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $15.00.

Several analysts recently commented on SSNI shares. Wunderlich raised their price target on shares of Silver Spring Networks from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, September 28th. Zacks Investment Research upgraded shares of Silver Spring Networks from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research report on Thursday, August 11th. Raymond James Financial Inc. upgraded shares of Silver Spring Networks from an “outperform” rating to a “strong-buy” rating and set a $16.00 price target on the stock in a research report on Thursday, June 30th. Canaccord Genuity set a $13.00 price target on shares of Silver Spring Networks and gave the company a “hold” rating in a research report on Saturday, August 6th. Finally, Pacific Crest restated a “buy” rating and set a $17.00 price target on shares of Silver Spring Networks in a research report on Friday, August 5th.

In related news, CTO Donald L. Reeves III sold 5,129 shares of the business’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $14.00, for a total transaction of $71,806.00. Following the transaction, the chief technology officer now directly owns 42,823 shares in the company, valued at $599,522. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 29.60% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the company. Neuberger Berman Group LLC increased its position in shares of Silver Spring Networks by 4.1% in the second quarter. Neuberger Berman Group LLC now owns 1,767,665 shares of the company’s stock worth $21,477,000 after buying an additional 69,059 shares during the period. Vanguard Group Inc. increased its position in shares of Silver Spring Networks by 7.1% in the second quarter. Vanguard Group Inc. now owns 1,316,954 shares of the company’s stock worth $16,000,000 after buying an additional 87,279 shares during the period. Bank of New York Mellon Corp increased its position in shares of 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 worth $13,124,000 after buying an additional 602,878 shares during the period. BlackRock Fund Advisors increased its position in shares of Silver Spring Networks by 3.7% in the second quarter. BlackRock Fund Advisors now owns 895,368 shares of the company’s stock worth $10,879,000 after buying an additional 31,788 shares during the period. Finally, Essex Investment Management Co. LLC increased its position in shares of Silver Spring Networks by 8.9% in the second quarter. Essex Investment Management Co. LLC now owns 893,865 shares of the company’s stock worth $10,860,000 after buying an additional 73,272 shares during the period. Hedge funds and other institutional investors own 75.23% of the company’s stock.

Shares of Silver Spring Networks (NYSE:SSNI) opened at 13.96 on Wednesday. The stock has a market capitalization of $720.20 million, a PE ratio of 10.67 and a beta of 1.76. Silver Spring Networks has a 12 month low of $9.55 and a 12 month high of $16.18. The stock’s 50 day moving average is $13.81 and its 200 day moving average is $13.27.

Silver Spring Networks (NYSE:SSNI) last issued its earnings results on Thursday, August 4th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.07. The business had revenue of $71.85 million for the quarter, compared to analysts’ expectations of $68.18 million. During the same period last year, the business earned $0.02 EPS. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. Analysts anticipate that Silver Spring Networks will post $0.14 earnings per share for the current fiscal year.

About Silver Spring Networks

Silver Spring Networks, Inc is engaged in creating, building and deploying 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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