Guggenheim initiated coverage on shares of Silver Spring Networks, Inc. (NYSE:SSNI) in a report issued on Tuesday morning, Marketbeat reports. The firm issued a buy rating and a $13.00 target price on the technology company’s stock.
SSNI has been the subject of a number of other reports. Williams Capital lowered shares of Silver Spring Networks from a buy rating to a hold rating and set a $11.00 price objective for the company. in a report on Monday, March 13th. Oppenheimer Holdings, Inc. reiterated an outperform rating and set a $14.00 price target (down from $17.00) on shares of Silver Spring Networks in a report on Friday, May 12th. Williams Financial Group lowered shares of Silver Spring Networks from a buy rating to a hold rating in a report on Monday, March 13th. Robert W. Baird lowered their price target on shares of Silver Spring Networks from $12.00 to $11.00 and set a neutral rating for the company in a report on Wednesday, February 22nd. Finally, FBR & Co set a $17.00 price target on shares of Silver Spring Networks and gave the company a buy rating in a report on Wednesday, February 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and an average price target of $14.54.
Silver Spring Networks (NYSE:SSNI) opened at 11.54 on Tuesday. Silver Spring Networks has a 12 month low of $9.68 and a 12 month high of $15.40. The firm has a 50-day moving average of $10.47 and a 200 day moving average of $11.81. The firm’s market capitalization is $613.60 million.
In other Silver Spring Networks news, insider Raj Vaswani sold 29,826 shares of the business’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $9.87, for a total transaction of $294,382.62. Following the transaction, the insider now directly owns 611,947 shares of the company’s stock, valued at approximately $6,039,916.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 75,968 shares of company stock worth $785,370. Insiders own 29.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of SSNI. Neuberger Berman Group LLC increased its position in shares of Silver Spring Networks by 50.0% in the first quarter. Neuberger Berman Group LLC now owns 2,694,396 shares of the technology company’s stock worth $30,420,000 after buying an additional 898,466 shares during the last quarter. Rothschild Asset Management Inc. bought a new position in shares of Silver Spring Networks during the first quarter worth about $8,829,000. Trigran Investments Inc. bought a new position in shares of Silver Spring Networks during the first quarter worth about $5,697,000. Bank of New York Mellon Corp increased its position in shares of Silver Spring Networks by 28.0% in the first quarter. Bank of New York Mellon Corp now owns 1,405,450 shares of the technology company’s stock worth $15,868,000 after buying an additional 307,866 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Silver Spring Networks by 360.1% in the first quarter. Wellington Management Group LLP now owns 266,482 shares of the technology company’s stock worth $3,008,000 after buying an additional 208,567 shares during the last quarter. 75.57% of the stock is currently 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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