Zacks: Brokerages Expect Silver Spring Networks, Inc. (SSNI) Will Post Quarterly Sales of $79.07 Million
Equities research analysts expect Silver Spring Networks, Inc. (NYSE:SSNI) to report $79.07 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Silver Spring Networks’ earnings. The highest sales estimate is $82.30 million and the lowest is $76.88 million. Silver Spring Networks reported sales of $76.14 million in the same quarter last year, which would suggest a positive year over year growth rate of 3.8%. The firm is expected to report its next earnings report on Thursday, November 2nd.
According to Zacks, analysts expect that Silver Spring Networks will report full year sales of $79.07 million for the current fiscal year, with estimates ranging from $300.80 million to $309.00 million. For the next fiscal year, analysts anticipate that the company will report sales of $335.23 million per share, with estimates ranging from $327.93 million to $348.00 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Silver Spring Networks.
Silver Spring Networks (NYSE:SSNI) last announced its earnings results on Tuesday, August 8th. The technology company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.41. The business had revenue of $261.60 million during the quarter, compared to analyst estimates of $69.10 million. During the same period in the previous year, the company earned $0.02 earnings per share. The business’s revenue for the quarter was up 114.6% on a year-over-year basis.
SSNI has been the topic of a number of analyst reports. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $14.00 price target (down previously from $17.00) on shares of Silver Spring Networks in a research report on Friday, May 12th. Cowen and Company set a $17.00 price target on Silver Spring Networks and gave the company a “buy” rating in a research note on Wednesday, May 10th. Raymond James Financial, Inc. reiterated a “strong-buy” rating on shares of Silver Spring Networks in a research note on Wednesday, June 28th. Guggenheim initiated coverage on Silver Spring Networks in a research note on Tuesday, June 20th. They issued a “buy” rating and a $13.00 price target for the company. Finally, Zacks Investment Research cut Silver Spring Networks from a “hold” rating to a “sell” rating in a research note on Tuesday, May 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $14.05.
Shares of Silver Spring Networks (NYSE:SSNI) traded down 0.48% during trading on Friday, hitting $12.48. The company’s stock had a trading volume of 151,868 shares. The firm’s 50 day moving average is $11.63 and its 200-day moving average is $11.30. Silver Spring Networks has a 1-year low of $9.68 and a 1-year high of $15.40. The company’s market capitalization is $668.49 million.
In other news, insider Raj Vaswani sold 15,687 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $12.89, for a total transaction of $202,205.43. Following the completion of the transaction, the insider now directly owns 648,724 shares in the company, valued at approximately $8,362,052.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 76,163 shares of company stock valued at $895,322 over the last 90 days. Company insiders own 29.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in SSNI. Parametric Portfolio Associates LLC raised its position in shares of Silver Spring Networks by 291.2% in the first quarter. Parametric Portfolio Associates LLC now owns 64,674 shares of the technology company’s stock valued at $730,000 after buying an additional 48,142 shares during the period. Ameriprise Financial Inc. raised its position in shares of Silver Spring Networks by 16.3% in the first quarter. Ameriprise Financial Inc. now owns 381,629 shares of the technology company’s stock valued at $4,309,000 after buying an additional 53,430 shares during the period. Sei Investments Co. raised its position in shares of Silver Spring Networks by 376.9% in the first quarter. Sei Investments Co. now owns 128,427 shares of the technology company’s stock valued at $1,449,000 after buying an additional 101,497 shares during the period. UBS Asset Management Americas Inc. raised its position in shares of Silver Spring Networks by 106.2% in the first quarter. UBS Asset Management Americas Inc. now owns 21,036 shares of the technology company’s stock valued at $237,000 after buying an additional 10,836 shares during the period. Finally, Marathon Capital Management raised its position in shares of Silver Spring Networks by 12.6% in the first quarter. Marathon Capital Management now owns 383,010 shares of the technology company’s stock valued at $4,324,000 after buying an additional 42,750 shares during the period. Institutional investors own 79.50% of the company’s stock.
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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