First Trust Advisors LP Boosts Position in Silver Spring Networks, Inc. (SSNI)
First Trust Advisors LP increased its position in shares of Silver Spring Networks, Inc. (NYSE:SSNI) by 9.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 118,233 shares of the technology company’s stock after acquiring an additional 9,855 shares during the period. First Trust Advisors LP owned about 0.22% of Silver Spring Networks worth $1,334,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. lifted its stake in Silver Spring Networks by 0.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 146,434 shares of the technology company’s stock worth $1,652,000 after acquiring an additional 1,296 shares in the last quarter. Teachers Advisors LLC increased its holdings in Silver Spring Networks by 2.3% during the 4th quarter. Teachers Advisors LLC now owns 60,680 shares of the technology company’s stock worth $808,000 after purchasing an additional 1,380 shares during the period. American International Group Inc. increased its holdings in Silver Spring Networks by 7.1% during 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 during the period. Asset Management One Co. Ltd. increased its holdings in Silver Spring Networks by 11.9% during the 1st quarter. Asset Management One Co. Ltd. now owns 24,339 shares of the technology company’s stock worth $275,000 after purchasing an additional 2,596 shares during the period. Finally, Perigon Wealth Management LLC increased its holdings in Silver Spring Networks by 11.4% during the 1st quarter. Perigon Wealth Management LLC now owns 27,347 shares of the technology company’s stock worth $309,000 after purchasing an additional 2,798 shares during the period. 79.50% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Raj Vaswani sold 14,272 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $12.60, for a total value of $179,827.20. Following the transaction, the insider now owns 647,031 shares in the company, valued at $8,152,590.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last quarter, insiders sold 84,065 shares of company stock worth $1,041,724. Insiders own 29.60% of the company’s stock.
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Several equities research analysts have weighed in on SSNI shares. Cowen and Company restated a “buy” rating and set a $16.00 price target on shares of Silver Spring Networks in a report on Tuesday, September 12th. FBR & Co restated a “buy” rating on shares of Silver Spring Networks in a report on Monday, September 11th. Guggenheim started coverage on Silver Spring Networks in a report on Tuesday, June 20th. They set a “buy” rating and a $13.00 price target on the stock. Oppenheimer Holdings, Inc. set a $14.00 price target on Silver Spring Networks and gave the stock a “buy” rating in a report on Wednesday, August 9th. Finally, Zacks Investment Research upgraded Silver Spring Networks from a “strong sell” rating to a “hold” rating in a report on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Silver Spring Networks presently has a consensus rating of “Hold” and an average target price of $14.23.
Silver Spring Networks, Inc. (NYSE SSNI) opened at 13.00 on Monday. Silver Spring Networks, Inc. has a 12-month low of $9.68 and a 12-month high of $15.40. The stock’s market cap is $696.35 million. The stock has a 50 day moving average price of $12.43 and a 200-day moving average price of $11.26.
Silver Spring Networks (NYSE:SSNI) last released its quarterly earnings results on Tuesday, August 8th. The technology company reported $0.34 EPS for the quarter, topping the Thomson Reuters’ 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 quarter last year, the firm posted $0.02 EPS. The company’s revenue was up 114.6% compared to the same quarter last year. On average, equities analysts expect that Silver Spring Networks, Inc. will post $0.03 earnings per share for the current year.
Silver Spring Networks 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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