Economy

Itron to buy Silver Spring for $830 mln

Itron to buy Silver Spring for $830 mln”

Its down 13.12% from 3.03M shares previously. With 308,300 avg volume, 2 days are for TRIANGLE PETROLEUM CORPORATION (OTCMKTS:TPLM)'s short sellers to cover TPLM's short positions. About 258,953 shares traded. It has underperformed by 16.70% the S&P500. Silver Spring Networks presently has a consensus rating of "Hold" and an average target price of $14.23. The 9 months bullish chart indicates low risk for the $862.94M company. It was reported on Sep, 18 by Barchart.com. (NASDAQ:BLDP). At the time of writing, the First Call consensus price target for the company is $3.30. Trading volume was up 90.86% over the stocks average daily volume.

Among 14 analysts covering Silver Spring Networks (NYSE:SSNI), 8 have Buy rating, 0 Sell and 6 Hold. Therefore 57% are positive. As per Tuesday, September 8, the company rating was upgraded by KeyBanc Capital Markets. The stock has "Mkt Outperform" rating by JMP Securities on Friday, January 13. Bank & Trust Of Montreal Can holds 0% or 2,080 shares in its portfolio. They set a "buy" rating and a $13.00 price target on the stock. The rating was maintained by Wunderlich with "Buy" on Tuesday, February 9.

Several equities research analysts have weighed in on SSNI shares. The firm earned "Strong Buy" rating on Thursday, June 30 by Raymond James.

Since April 6, 2017, it had 0 insider buys, and 3 selling transactions for $785,266 activity. Vaswani Raj sold $281,220 worth of stock.

Investors sentiment increased to 1.41 in Q4 2016. Its down 0.21, from 1.28 in 2016Q3.

Silver Spring offers Internet of things platforms for utilities and cities. The value of the position overall is down by 44.1%. Spark Limited Company stated it has 89,900 shares or 0.1% of all its holdings.

Silver Spring Networks Inc (NYSE:SSNI)'s stock had its "outperform" rating reiterated by stock analysts at FBR & Co in a research report issued to clients and investors on Tuesday. The company recorded a fall in short interest from August 15, 2017 to August 31, 2017 of -13.12%. Prudential Fincl reported 83,220 shares. Northcoast Asset Mngmt Ltd Llc holds 438,786 shares. Daiwa Sb reported 0.18% of its portfolio in Silver Spring Networks Inc (NYSE:SSNI). Gilder Gagnon Howe And Lc has 411,126 shares for 0.11% of their portfolio. Ardsley Advisory Prtnrs owns 0.49% invested in Silver Spring Networks Inc (NYSE:SSNI) for 224,000 shares.

More specifically, Itron will acquire Silver Spring Networks in a $16.25-per-share cash deal valued at roughly $830 million, net of Silver Spring's $118 million in cash. Friedberg Investment Mngmt holds 0.37% or 60,350 shares. American International Group Inc. increased its holdings in Silver Spring Networks by 7.1% during the 1st quarter. Natixis holds 67,291 shares.

"The addition of Silver Spring brings more capabilities to our offerings and advances our strategy of delivering highly secure, value-generating solutions for the critical infrastructure within utilities, smart cities and the broader industrial IoT sector", Itron CEO Philip Mezey said in a statement. The firm's market capitalization is $696.35 million. It now has negative earnings. The company has sold more than 26.7 million internet and network-enabled devices around the world. After a recent check, it is observed that the insiders for the firm now own 2.80% shares. After $-0.07 actual earnings per share reported by Silver Spring Networks Inc for the previous quarter, Wall Street now forecasts 28.57 % negative EPS growth. The stock increased 0.05% or $0.07 on September 15, reaching $149.99.

Itron also expects to generate roughly $50 million in annualized cost synergies within three years of completing the deal, noting that it will be accretive to both adjusted earnings per share and adjusted EBITDA by 2019. First Lp holds 0% or 98,049 shares. Moreover, Blackrock Incorporated has 0% invested in Yelp Inc (NYSE:YELP) for 72,489 shares. 10,248 were reported by Ameriprise Fincl. California Public Employees Retirement Systems accumulated 0% or 539,300 shares. Meru Capital Gp Lp invested in 1.7% or 160,000 shares. Manufacturers Life The has invested 0% in Triangle Petroleum Corporation (OTCMKTS:TPLM). 170,300 were reported by Highland Cap Mgmt Ltd Partnership.

When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. Commonwealth Equity Svcs Inc stated it has 10,850 shares or 0% of all its holdings.

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