Richard S. Jr. Arnold Sells 8,621 Shares of Silver Spring Networks Inc. (SSNI) Stock
Silver Spring Networks Inc. (NYSE:SSNI) General Counsel Richard S. Jr. Arnold sold 8,621 shares of Silver Spring Networks stock in a transaction on Monday, November 21st. The stock was sold at an average price of $14.90, for a total transaction of $128,452.90. Following the sale, the general counsel now directly owns 5,523 shares in the company, valued at approximately $82,292.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Shares of Silver Spring Networks Inc. (NYSE:SSNI) opened at 14.63 on Thursday. Silver Spring Networks Inc. has a 52 week low of $9.55 and a 52 week high of $16.18. The stock has a market capitalization of $759.21 million, a price-to-earnings ratio of 13.89 and a beta of 1.74. The firm’s 50-day moving average is $13.99 and its 200-day moving average is $13.23.
Silver Spring Networks (NYSE:SSNI) last posted its earnings results on Thursday, November 3rd. The company reported $0.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.08. The firm earned $74.20 million during the quarter, compared to analyst estimates of $75.29 million. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period last year, the company posted $0.10 EPS. On average, equities research analysts anticipate that Silver Spring Networks Inc. will post $0.18 EPS for the current fiscal year.
Several research firms have recently commented on SSNI. FBR & Co began coverage on Silver Spring Networks in a report on Tuesday, November 8th. They set an “outperform” rating and a $17.00 price target on the stock. Canaccord Genuity reiterated a “hold” rating and set a $13.00 price target on shares of Silver Spring Networks in a report on Friday, November 4th. Zacks Investment Research lowered Silver Spring Networks from a “buy” rating to a “hold” rating in a report on Friday, October 21st. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $17.00 price target (up previously from $15.00) on shares of Silver Spring Networks in a report on Monday, October 10th. Finally, Wunderlich lifted their price target on Silver Spring Networks from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, September 28th. Two equities research 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 stock currently has an average rating of “Buy” and a consensus target price of $16.13.
A number of hedge funds have recently bought and sold shares of SSNI. Robecosam AG raised its stake in Silver Spring Networks by 5.9% in the third quarter. Robecosam AG now owns 517,900 shares of the company’s stock valued at $7,292,000 after buying an additional 28,900 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in Silver Spring Networks by 46.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 27,100 shares of the company’s stock valued at $384,000 after buying an additional 8,600 shares during the period. Summit Partners Public Asset Management LLC purchased a new stake in Silver Spring Networks during the third quarter valued at $3,545,000. The Manufacturers Life Insurance Company purchased a new stake in Silver Spring Networks during the third quarter valued at $374,000. Finally, Ardsley Advisory Partners purchased a new stake in Silver Spring Networks during the third quarter valued at $4,747,000. 76.75% of the stock is currently owned by institutional investors.
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Silver Spring Networks Company Profile
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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