Ooma, Inc. (NYSE:OOMA) Sees Large Drop in Short Interest

Ooma, Inc. (NYSE:OOMA) was the target of a significant drop in short interest in January. As of January 31st, there was short interest totalling 489,700 shares, a drop of 23.2% from the January 15th total of 637,600 shares. Based on an average daily trading volume, of 128,800 shares, the days-to-cover ratio is presently 3.8 days.

Insider Activity at Ooma

In other Ooma news, CFO Shigeyuki Hamamatsu sold 35,313 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.51, for a total value of $547,704.63. Following the completion of the transaction, the chief financial officer now directly owns 165,301 shares in the company, valued at approximately $2,563,818.51. This trade represents a 17.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eric B. Stang sold 61,580 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $15.10, for a total value of $929,858.00. Following the completion of the transaction, the chief executive officer now owns 1,245,665 shares of the company’s stock, valued at $18,809,541.50. This represents a 4.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 158,457 shares of company stock valued at $2,413,132 over the last ninety days. 9.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. PDT Partners LLC boosted its position in Ooma by 35.5% in the fourth quarter. PDT Partners LLC now owns 20,235 shares of the technology company’s stock worth $285,000 after purchasing an additional 5,300 shares during the last quarter. Northern Trust Corp boosted its position in Ooma by 5.4% in the fourth quarter. Northern Trust Corp now owns 215,579 shares of the technology company’s stock worth $3,031,000 after purchasing an additional 11,107 shares during the last quarter. Oxford Asset Management LLP purchased a new position in Ooma in the fourth quarter worth $168,000. Marshall Wace LLP boosted its position in Ooma by 188.3% in the fourth quarter. Marshall Wace LLP now owns 146,621 shares of the technology company’s stock worth $2,061,000 after purchasing an additional 95,765 shares during the last quarter. Finally, Barclays PLC boosted its position in Ooma by 0.9% in the fourth quarter. Barclays PLC now owns 99,891 shares of the technology company’s stock worth $1,405,000 after purchasing an additional 927 shares during the last quarter. Hedge funds and other institutional investors own 80.42% of the company’s stock.

Ooma Price Performance

Shares of NYSE:OOMA traded up $0.12 during mid-day trading on Friday, hitting $15.47. 73,541 shares of the company traded hands, compared to its average volume of 96,679. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.04. Ooma has a 12-month low of $6.50 and a 12-month high of $17.00. The stock has a 50-day moving average price of $14.44 and a two-hundred day moving average price of $12.55.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on OOMA shares. Benchmark raised their price objective on Ooma from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. B. Riley raised their price objective on Ooma from $14.50 to $15.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. StockNews.com upgraded Ooma from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 6th. Lake Street Capital lifted their target price on Ooma from $14.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Finally, Northland Securities raised their price objective on Ooma from $16.00 to $18.00 and gave the company an “outperform” rating in a research note on Thursday, December 5th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $16.60.

Ooma Company Profile

Ooma, Inc provides communications services and related technologies for businesses and consumers in the United States and Canada. The company's products and services include Ooma Office, a cloud-based multi-user communications system for small and medium-sized businesses; Ooma Connect, which delivers fixed wireless internet connectivity; and Ooma Enterprise, a unified-communications-as-a-service (UCaaS) solution.