Ooma (NYSE:OOMA) Hits New 52-Week High at $23.33

Ooma, Inc. (NYSE:OOMA)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $23.33 and last traded at $22.67, with a volume of 884465 shares changing hands. The stock had previously closed at $21.09.

Several equities research analysts have recently issued reports on the stock. B. Riley increased their price objective on shares of Ooma from $23.50 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, May 27th. Zacks Investment Research raised shares of Ooma from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Thursday, June 3rd. Four research analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and an average price target of $22.80.

The business has a fifty day simple moving average of $17.07. The firm has a market cap of $526.19 million, a price-to-earnings ratio of -188.92 and a beta of 0.41.

Ooma (NYSE:OOMA) last announced its earnings results on Tuesday, May 25th. The technology company reported $0.11 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.03. Ooma had a negative net margin of 1.44% and a negative return on equity of 3.19%. Equities research analysts anticipate that Ooma, Inc. will post -0.27 earnings per share for the current year.

In other Ooma news, CEO Eric B. Stang sold 5,890 shares of the stock in a transaction on Tuesday, June 8th. The shares were sold at an average price of $21.02, for a total value of $123,807.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Eric B. Stang sold 34,443 shares of the stock in a transaction on Thursday, May 27th. The shares were sold at an average price of $19.05, for a total transaction of $656,139.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,933 shares of company stock valued at $991,219. Corporate insiders own 9.90% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Tygh Capital Management Inc. bought a new position in shares of Ooma in the fourth quarter valued at about $4,463,000. Russell Investments Group Ltd. increased its position in Ooma by 12.1% during the fourth quarter. Russell Investments Group Ltd. now owns 1,517,745 shares of the technology company’s stock worth $21,852,000 after acquiring an additional 163,248 shares during the period. Perkins Capital Management Inc. increased its position in Ooma by 116.4% during the first quarter. Perkins Capital Management Inc. now owns 119,800 shares of the technology company’s stock worth $1,899,000 after acquiring an additional 64,450 shares during the period. Citigroup Inc. increased its position in Ooma by 312.5% during the fourth quarter. Citigroup Inc. now owns 4,117 shares of the technology company’s stock worth $59,000 after acquiring an additional 3,119 shares during the period. Finally, Engineers Gate Manager LP increased its position in Ooma by 36.6% during the fourth quarter. Engineers Gate Manager LP now owns 29,308 shares of the technology company’s stock worth $422,000 after acquiring an additional 7,857 shares during the period. 82.08% of the stock is currently owned by institutional investors.

About Ooma (NYSE:OOMA)

Ooma, Inc creates connected experiences for businesses and consumers in the United States, Canada, and internationally. The company's smart software-as-a-service and unified-communications-as-a-service (UCaaS) platforms serve as a communications hub, which offers cloud-based communications solutions, smart security, and other connected services.

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