Insiders Are Selling – Silver Spring Networks, Inc. (NYSE:SSNI)


Silver Spring Networks, Inc. (NYSE:SSNI) has been the object of insider selling activity recently. Raj Vaswani, Co-Founder sold $179,684 worth of shares at a price of $12.59 on September 5th. That brings Vaswani’s holdings to $7,969,936 as recorded in a recent Form 4 SEC filing. Co-Founder Raj Vaswani sold 15,687 shares at a price of $12.82 on Thu the 17th. That brings the Co-Founder’s holdings to $8,115,534 as reported to the SEC.

Silver Spring Networks, Inc., launched on July 3, 2002, is involved 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. Its networking platform enables customers to communicate with devices connected to the power grid. Its networking platform comprises hardware, such as access points and relays; its communications modules; its SilverLinkOS network operating software, and its GridScape management and security software. The Company offers an array of solutions built upon SilverLink Network and Data platforms, including advanced metering, distribution automation, demand-side management, street lights and its wireless Internet protocol version 6 (IPv6) network service for the IoT, Starfish..

These funds have shifted positions in (SSNI). As of quarter end Trexquant Investment Lp had disposed of 7,805 shares trimming its holdings by 34.0%. The value in dollars decreased from $306,000 to $171,000 a change of 44.1% quarter over quarter. As of the end of the quarter Ubs Group Ag had bought a total of 4,701 shares growing its stake by 416.4%. The value of the investment in (SSNI) went from $13,000 to $66,000 increasing 407.7% since the last quarter.

As of the end of the quarter Bronfman E.l. Rothschild, L.p. had acquired 90 shares growing its position 8.6%. The value of the total investment in Silver Spring Networks, Inc. increased from $12,000 to $13,000 a change of $1,000 for the reporting period. As of the end of the quarter Neuberger Berman Group LLC had bought a total of 197,957 shares growing its stake by 7.3%. The value of the company’s investment in Silver Spring Networks, Inc. increased from $30,420,000 to $32,626,000 a change of 7.3% quarter to quarter.

On August 14 Canaccord Genuity held the company rating at “Hold” but raised the price target to $11.50 from $9.50.

The company is trading up from yesterday’s close of 12.55. The stock last traded at $12.83 which is marginally over the 50 day moving average which is $12.00 and well above the 200 day moving average of $11.23. The 50 day moving average went up by +6.87% and the 200 day average went up by +14.25%.

As of the latest earnings report the EPS was $-0.64 and is estimated to be $0.03 for the current year with 53,565,000 shares currently outstanding. Next quarter’s EPS is forecasted to be $0.07 and the next full year EPS is anticipated to be $0.27.

Short traders are more bullish on shares of Silver Spring Networks, Inc. as inferred by the motion in short interest. The company had a fall in short interest of -1.81% as of August 15, 2017 from the last reporting period. Short interest fell 55,896 over that timeframe. Days to cover increased 8.0 to 8.0 and the percentage of shorted shares is 0.06% as of August 15.