Silver Spring Networks Inc (SSNI) General Counsel Sells $1,113,105.84 in Stock

Silver Spring Networks Inc (NYSE:SSNI) General Counsel Richard S. Jr. Arnold sold 68,541 shares of the stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $16.24, for a total transaction of $1,113,105.84. Following the completion of the transaction, the general counsel now owns 47,051 shares of the company’s stock, valued at approximately $764,108.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Shares of Silver Spring Networks Inc (NYSE SSNI) opened at $16.22 on Friday. Silver Spring Networks Inc has a 12 month low of $9.68 and a 12 month high of $16.24.

A number of equities analysts have recently issued reports on the stock. BidaskClub downgraded shares of Silver Spring Networks from a “sell” rating to a “strong sell” rating in a report on Friday, November 10th. FBR & Co downgraded shares of Silver Spring Networks from a “buy” rating to a “neutral” rating and set a $16.00 price target for the company. in a report on Friday, September 22nd. Raymond James Financial downgraded shares of Silver Spring Networks from a “strong-buy” rating to a “mkt perform” rating in a report on Wednesday, September 20th. JMP Securities downgraded shares of Silver Spring Networks to a “market perform” rating in a report on Tuesday, September 19th. Finally, Canaccord Genuity increased their price target on shares of Silver Spring Networks from $11.50 to $16.25 and gave the company a “hold” rating in a report on Tuesday, September 19th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $14.95.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sterling Capital Management LLC grew its stake in Silver Spring Networks by 58.8% in the 3rd quarter. Sterling Capital Management LLC now owns 72,088 shares of the technology company’s stock valued at $1,166,000 after acquiring an additional 26,687 shares during the last quarter. Virtu Financial LLC acquired a new stake in Silver Spring Networks in the 3rd quarter valued at about $232,000. Cowen Inc. acquired a new stake in Silver Spring Networks in the 3rd quarter valued at about $1,048,000. Magnetar Financial LLC acquired a new stake in Silver Spring Networks in the 3rd quarter valued at about $31,789,000. Finally, Allianz Asset Management GmbH grew its stake in Silver Spring Networks by 569.2% in the 3rd quarter. Allianz Asset Management GmbH now owns 1,181,315 shares of the technology company’s stock valued at $19,101,000 after acquiring an additional 1,004,779 shares during the last quarter. 76.05% of the stock is currently owned by hedge funds and other institutional investors.

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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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