Oppenheimer Holdings, Inc. Reaffirms “Outperform” Rating for Silver Spring Networks, Inc. (SSNI)

Silver Spring Networks, Inc. (NYSE:SSNI)‘s stock had its “outperform” rating restated by stock analysts at Oppenheimer Holdings, Inc. in a note issued to investors on Friday, May 12th. They currently have a $14.00 price target on the technology company’s stock, down from their previous price target of $17.00. Oppenheimer Holdings, Inc.’s price target would suggest a potential upside of 32.95% from the company’s previous close.

SSNI has been the subject of several other research reports. Robert W. Baird decreased their price objective on Silver Spring Networks from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, February 22nd. FBR & Co set a $17.00 price objective on Silver Spring Networks and gave the company a “buy” rating in a report on Wednesday, February 22nd. Benchmark Co. assumed coverage on Silver Spring Networks in a report on Tuesday, April 25th. They issued a “hold” rating for the company. Williams Capital downgraded shares of Silver Spring Networks from a “buy” rating to a “hold” rating and set a $11.00 target price for the company. in a research note on Monday, March 13th. Finally, Pacific Crest downgraded shares of Silver Spring Networks from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, May 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Silver Spring Networks presently has a consensus rating of “Hold” and a consensus price target of $14.67.

Analyst Recommendations for Silver Spring Networks (NYSE:SSNI)

Shares of Silver Spring Networks (SSNI) traded down 0.66% during mid-day trading on Friday, hitting $10.53. The stock had a trading volume of 376,318 shares. The company has a 50 day moving average price of $10.50 and a 200 day moving average price of $11.89. The firm’s market cap is $559.90 million. Silver Spring Networks has a 12-month low of $9.68 and a 12-month high of $15.40.

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In other news, insider Raj Vaswani sold 20,364 shares of the business’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $10.30, for a total transaction of $209,749.20. Following the completion of the sale, the insider now directly owns 602,355 shares of the company’s stock, valued at $6,204,256.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 75,968 shares of company stock valued at $785,370. 29.60% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of SSNI. Prudential Financial Inc. bought a new position in Silver Spring Networks during the third quarter worth $724,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Silver Spring Networks by 97.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 80,905 shares of the technology company’s stock worth $1,147,000 after buying an additional 40,000 shares during the last quarter. Ardsley Advisory Partners bought a new position in Silver Spring Networks during the third quarter worth $4,747,000. Summit Partners Public Asset Management LLC bought a new position in Silver Spring Networks during the third quarter worth $3,545,000. Finally, Robecosam AG boosted its position in Silver Spring Networks by 5.9% in the third quarter. Robecosam AG now owns 517,900 shares of the technology company’s stock worth $7,292,000 after buying an additional 28,900 shares during the last quarter. 76.22% of the stock is owned by institutional investors and hedge funds.

About Silver Spring Networks

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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