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SSNI $16.26

SSNI target price
16.26
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Silver Spring Networks
Type
Public
Traded as NYSE: SSNI
Industry Smart Grid
Founded Milwaukee, Wisconsin (2002)
Headquarters San Jose, California, U.S.
Area served
U.S., Australia, Canada, Latin America, UK, Europe, Asia
Key people
Mike Bell, President and CEO
Products IPv6-based smart grid communications network, demand response, demand automation, utility management software, consumer web portal
Website silverspringnet.com

Silver Spring Networks is a provider of smart grid products, headquartered in San Jose, California, with offices in Australia, Singapore, Brazil, and the United Kingdom. Besides communications devices, Silver Spring Networks develops software for utilities and customers to improve energy efficiency. Founded in 2002 backed by venture capital, Silver Spring Networks went public on the New York Stock Exchange on March 13, 2013.

Silver Spring Networks was founded in July 2002 as Real Time Techomm in Butler, Wisconsin, near Milwaukee. Original founders included Eric Dresselhuys who had worked on related technology since 1995, and Keith Burge. In 2002, funding came from Denver angel investor Jack Thompson. The company adopted the name of the street in Milwaukee of its original office and was relocated to Redwood City, California in 2003. At this time, Foundation Capital invested $8 million in the company and Raj Vaswani joined the founding team. Ray Bell became interim CEO and chief technology officer, but left to found Grid Net in 2005. Other investors included Northgate Capital, Kleiner Perkins Caufield & Byers and Google. The company moved its headquarters to San Jose in 2016.

The first large pilot deployment was started in 2007 with Florida Power & Light (FPL) in southern Florida. In 2008, Pacific Gas and Electric Company (PG&E) signed an agreement to provide the company's smart meters, and remained the largest customer for at least several years. On July 7, 2011, Silver Spring Networks filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $150 million in an initial public offering. Silver Spring Networks went public under the listing symbol SSNI on the New York Stock Exchange on March 13, 2013, raising about $81 million.


Silver Spring Networks develops equipment that creates wireless mesh networks and transmits energy consumption data between meters, consumers and utilities in real time. The software indicates how much money is spent on electricity and indicates how much can be saved if one switches to energy-efficient models. The meters in the PG&E deployment include two radios: one in the unlicensed ISM band of 902 to 928 MHz for communication back to the utility provider, and another intended for future communication to a home network. The technology has low bit rate requirements, but also needs to be very low cost.

Silver Spring is a partner with more than 40 companies and provides additional applications to utilities and customers on the Smart Energy Platform like smart thermostats, in-home displays, and electric vehicle (EV) charging technology.

Silver Spring began its technology offering with a smart grid network based on Internet Protocol (IP) technology, which was advocated for the smart grid by the U.S. Federal Communications Commission (FCC) and other smart grid experts. Silver Spring expanded on the network to smart grid application software that includes demand response (DR), demand management and other services for utilities and their customers.

In October 2009 Silver Spring acquired Greenbox Technology, and developed its web-based software into a product called CustomerIQ. In an Oklahoma Gas & Electric pilot program involving 2,500 homes in the summer of 2010 on Silver Spring’s Smart Energy Platform, participants saw an average energy use drop of up to 33 percent during the highest price periods. The pilot consisted of several groups using Silver Spring’s web-based energy management solution as well as smart thermostats and in-home energy displays on various dynamic pricing schemes.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS

Ratings

2016-06-30 Upgrade Raymond James Outperform to Strong-Buy $16.00
2016-06-30 Upgrade Raymond James Financial Inc. Outperform to Strong-Buy $16.00
2016-06-04 Reiterated Rating KeyBanc Buy
2016-06-04 Reiterated Rating KeyCorp Buy
2016-05-10 Reiterated Rating Oppenheimer Buy
2016-05-10 Reiterated Rating Oppenheimer Holdings Inc. Buy
2016-05-02 Reiterated Rating Oppenheimer Buy
2016-05-02 Reiterated Rating Canaccord Genuity Hold
2016-03-29 Reiterated Rating Oppenheimer Outperform $15.00
2016-03-28 Initiated Coverage Avondale Partners Outperform $16.00
2016-02-11 Reiterated Rating Canaccord Genuity Hold $13.00
2016-02-09 Reiterated Rating Oppenheimer Outperform $15.00
2016-02-09 Lower Price Target Wunderlich Buy $18.00 to $16.00
2016-01-07 Reiterated Rating Pacific Crest Buy $17.00
2016-01-05 Boost Price Target Raymond James $15.00 to $16.00
2015-12-03 Initiated Coverage Wunderlich Buy $17.00
2015-11-04 Reiterated Rating Pacific Crest Buy $16.00 to $17.00
2015-11-04 Boost Price Target Cowen and Company $15.00 to $17.00
2015-11-04 Boost Price Target Canaccord Genuity $11.50 to $13.00
2015-11-02 Lower Price Target Piper Jaffray Neutral $10.00 to $9.00
2015-11-02 Lower Price Target Cowen and Company Outperform $13.00 to $11.00
2015-11-02 Lower Price Target Piper Jaffray Cos. Neutral $10.00 to $9.00
2015-10-30 Reiterated Rating Canaccord Genuity Hold $11.50
2015-09-10 Initiated Coverage Oppenheimer Outperform $15.00
2015-09-08 Upgrade KeyBanc Sector Weight to Overweight
2015-09-08 Upgrade Pacific Crest Overweight $16.00
2015-08-06 Reiterated Rating Cowen and Company Outperform $13.00 to $15.00
2015-08-06 Boost Price Target Robert W. Baird Neutral $10.00 to $12.00
2015-08-06 Boost Price Target Canaccord Genuity Hold $10.50 to $11.50
2015-06-18 Boost Price Target Northland Securities Outperform $12.00 to $16.00
2015-05-18 Boost Price Target Stifel Nicolaus Buy $15.00 to $16.00
2015-05-08 Set Price Target Canaccord Genuity Hold $10.50
2015-05-08 Boost Price Target Stifel Nicolaus Buy $13.00 to $15.00
2015-04-29 Boost Price Target Northland Securities Positive to Outperform $10.00 to $12.00
2015-02-10 Set Price Target Credit Suisse Hold $11.00
2015-02-10 Lower Price Target Stifel Nicolaus Buy $15.00 to $13.00
2015-02-10 Lower Price Target Northland Securities Outperform $12.00 to $10.00
2015-02-10 Set Price Target Credit Suisse Group AG Hold $11.00
2015-02-06 Reiterated Rating Canaccord Genuity Hold $9.00
2014-11-06 Reiterated Rating Canaccord Genuity Hold $11.00 to $9.50
2014-10-23 Reiterated Rating Canaccord Genuity Hold $13.00 to $11.00
2014-10-08 Downgrade Goldman Sachs Buy to Neutral $18.00 to $12.00
2014-10-08 Downgrade Goldman Sachs Group Inc. Buy to Neutral $18.00 to $12.00
2014-10-02 Initiated Coverage Raymond James Outperform $13.00
2014-09-17 Lower Price Target Goldman Sachs $21.00 to $18.00
2014-09-11 Initiated Coverage Cowen and Company Outperform $14.00
2014-08-12 Initiated Northland Capital Outperform $12
2014-08-12 Initiated Coverage Northland Securities Outperform $12.00
2014-08-07 Reiterated Rating Evercore ISI Overweight $18.00 to $16.00
2014-08-07 Lower Price Target Piper Jaffray $14.00 to $12.00
2014-05-28 Initiated Coverage Stifel Nicolaus Buy $16.00
2014-05-09 Lower Price Target Canaccord Genuity $18.00 to $13.00
2014-05-07 Reiterated Rating Credit Suisse Neutral $20.00 to $16.00
2014-05-07 Lower Price Target Evercore ISI Overweight $20.00 to $18.00
2014-03-12 Boost Price Target Goldman Sachs Buy $23.00 to $25.00
2014-02-12 Reiterated Rating Canaccord Genuity Hold $20.00 to $18.00
2014-02-11 Lower Price Target Robert W. Baird $17.00 to $15.00
2014-02-11 Lower Price Target Piper Jaffray $20.00 to $14.00
2014-01-17 Downgrade Credit Suisse Outperform to Neutral $26.00 to $23.00
2014-01-17 Lower Price Target Stifel Nicolaus $30.00 to $25.00
2014-01-17 Lower Price Target Evercore ISI $28.00 to $20.00
2014-01-17 Lower Price Target Canaccord Genuity Hold $25.00 to $20.00
2014-01-17 Downgrade Robert W. Baird Outperform to Neutral $32.00 to $17.00
2013-10-31 Lower Price Target Piper Jaffray Neutral $26.00 to $20.00
2013-09-25 Upgrade Goldman Sachs Neutral to Buy $26.00
2016-06-30 Upgrade Raymond James Outperform to Strong-Buy $16.00
2016-06-30 Upgrade Raymond James Financial Inc. Outperform to Strong-Buy $16.00
2016-06-04 Reiterated Rating KeyBanc Buy
2016-06-04 Reiterated Rating KeyCorp Buy
2016-05-10 Reiterated Rating Oppenheimer Buy

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
Dresselhuys Eric P. EVP, Global Development 0.16%  (76163) SSNI /
JOYCE JOHN R Vice Chairman 0.13%  (63967) SSNI /
Middleton Daniel J. EVP, US & AUS/NZL Sales 0.07%  (31656) SSNI /
Burns James P. EVP, Chief Financial Officer 0.06%  (31162) SSNI /
MCNEILL CORBIN A JR 0.05%  (22899) OI / POR / SSNI /
Gadre Anil P EVP, Products and Marketing 0.03%  (13523) SSNI /
Kalinowski Carrie J. VP, Finance & Corp. Controller 0.03%  (12932) SSNI /
Cappellanti-Wolf Amy L. Chief Human Resources Officer 0.02%  (10746) SSNI / SYMC /
Gianella Kenneth P. Chief Financial Officer 0.01%  (5968) SSNI /