Oppenheimer Holdings Inc. Reaffirms Outperform Rating for Silver Spring Networks Inc. (SSNI)
Silver Spring Networks Inc. (NYSE:SSNI)‘s stock had its “outperform” rating reaffirmed by research analysts at Oppenheimer Holdings Inc. in a research note issued to investors on Monday. They presently have a $17.00 price objective on the stock, up from their prior price objective of $15.00. Oppenheimer Holdings Inc.’s price target points to a potential upside of 21.78% from the company’s previous close.
Several other research analysts have also recently weighed in on the company. Raymond James Financial Inc. raised Silver Spring Networks from an “outperform” rating to a “strong-buy” rating and set a $16.00 price objective on the stock in a research report on Thursday, June 30th. Zacks Investment Research raised Silver Spring Networks from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research report on Thursday, August 11th. Wunderlich boosted their price objective on Silver Spring Networks from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, September 28th. Pacific Crest reissued a “buy” rating and issued a $17.00 price objective on shares of Silver Spring Networks in a research report on Friday, August 5th. Finally, Canaccord Genuity set a $13.00 price objective on Silver Spring Networks and gave the stock a “hold” rating in a research report on Saturday, August 6th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $15.22.
Shares of Silver Spring Networks (NYSE:SSNI) opened at 13.96 on Monday. Silver Spring Networks has a 1-year low of $9.55 and a 1-year high of $16.18. The company has a 50-day moving average price of $13.81 and a 200-day moving average price of $13.27. The company has a market cap of $720.20 million, a PE ratio of 10.67 and a beta of 1.76.
Silver Spring Networks (NYSE:SSNI) last announced its earnings results on Thursday, August 4th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.07. The company had revenue of $71.85 million for the quarter, compared to analysts’ expectations of $68.18 million. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.02 EPS. Equities research analysts expect that Silver Spring Networks will post $0.14 earnings per share for the current fiscal year.
In related news, CTO Donald L. Reeves III sold 5,129 shares of the business’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $14.00, for a total transaction of $71,806.00. Following the sale, the chief technology officer now directly owns 42,823 shares in the company, valued at approximately $599,522. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 29.60% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its stake 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 worth $13,124,000 after buying an additional 602,878 shares during the last quarter. Kleinwort Benson Investors Dublin Ltd bought a new stake in Silver Spring Networks during the second quarter worth about $3,770,000. Dimensional Fund Advisors LP raised its stake 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 worth $6,444,000 after buying an additional 207,467 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Silver Spring Networks by 33,889.6% in the second quarter. JPMorgan Chase & Co. now owns 186,603 shares of the company’s stock worth $2,268,000 after buying an additional 186,054 shares during the last quarter. Finally, GMT Capital Corp bought a new stake in Silver Spring Networks during the second quarter worth about $1,819,000. Institutional investors own 75.23% of the company’s stock.
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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