Gamco Investors INC. ET AL boosted its holdings in Silver Spring Networks Inc (NYSE:SSNI) by 114.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 732,825 shares of the technology company’s stock after acquiring an additional 390,640 shares during the period. Gamco Investors INC. ET AL’s holdings in Silver Spring Networks were worth $11,901,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. acquired a new position in Silver Spring Networks during the third quarter worth $6,242,000. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in Silver Spring Networks during the third quarter worth $2,332,000. Swiss National Bank lifted its stake in Silver Spring Networks by 14.2% during the second quarter. Swiss National Bank now owns 66,600 shares of the technology company’s stock worth $751,000 after purchasing an additional 8,300 shares in the last quarter. Allianz Asset Management GmbH lifted its stake in Silver Spring Networks by 569.2% during the third quarter. Allianz Asset Management GmbH now owns 1,181,315 shares of the technology company’s stock worth $19,101,000 after purchasing an additional 1,004,779 shares in the last quarter. Finally, Robecosam AG lifted its stake in Silver Spring Networks by 10.0% during the second quarter. Robecosam AG now owns 660,000 shares of the technology company’s stock worth $7,432,000 after purchasing an additional 60,000 shares in the last quarter. Hedge funds and other institutional investors own 75.53% of the company’s stock.
A number of research analysts have commented on SSNI shares. B. Riley set a $16.00 price target on Silver Spring Networks and gave the stock a “hold” rating in a research note on Thursday, January 4th. BidaskClub cut Silver Spring Networks from a “hold” rating to a “sell” rating in a research note on Monday, October 23rd. Guggenheim restated a “hold” rating on shares of Silver Spring Networks in a research note on Friday, January 12th. Finally, Zacks Investment Research upgraded Silver Spring Networks from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research note on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $14.96.
Silver Spring Networks (NYSE:SSNI) last posted its quarterly earnings data on Wednesday, November 8th. The technology company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.07. The company had revenue of $82.79 million for the quarter, compared to analysts’ expectations of $77.32 million. analysts predict that Silver Spring Networks Inc will post -0.34 earnings per share for the current fiscal year.
In related news, CEO Michael Bell sold 140,230 shares of the stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $16.23, for a total value of $2,275,932.90. Following the transaction, the chief executive officer now owns 208,068 shares of the company’s stock, valued at $3,376,943.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Richard S. Jr. Arnold sold 68,541 shares of the stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $16.24, for a total value of $1,113,105.84. Following the completion of the transaction, the general counsel now directly owns 47,051 shares in the company, valued at approximately $764,108.24. The disclosure for this sale can be found here. Insiders have sold 288,117 shares of company stock worth $4,669,524 in the last ninety days. Corporate insiders own 25.20% of the company’s stock.
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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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