Ooma (OOMA) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Ooma (NYSE:OOMA) from a hold rating to a buy rating in a research report report published on Tuesday. Zacks Investment Research currently has $17.00 price target on the technology company’s stock.
According to Zacks, “Ooma, Inc. provides communications solutions and other connected services to small business, home and mobile users. The Company’s products include Ooma Office for small businesses, Business Promoter, Ooma Telo for home, Ooma end-point devices, Ooma Premier Service for Telo, Talkatone Application as well as caller identification, call-waiting and voice mail services. Ooma, Inc. is based in Palo Alto, United States. “
A number of other research firms also recently commented on OOMA. B. Riley raised their target price on Ooma from $15.50 to $20.00 and gave the company a buy rating in a report on Thursday, August 23rd. Credit Suisse Group assumed coverage on Ooma in a research note on Friday, August 10th. They set a neutral rating and a $13.00 price target for the company. Finally, William Blair raised Ooma from a market perform rating to an outperform rating in a research note on Wednesday, November 28th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Ooma has an average rating of Buy and an average target price of $15.80.
Ooma (NYSE:OOMA) last released its earnings results on Tuesday, November 27th. The technology company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. Ooma had a negative return on equity of 36.11% and a negative net margin of 11.23%. The company had revenue of $32.61 million during the quarter, compared to the consensus estimate of $31.74 million. During the same quarter last year, the company earned ($0.02) earnings per share. Ooma’s quarterly revenue was up 14.4% compared to the same quarter last year. Equities research analysts expect that Ooma will post -0.69 EPS for the current year.
In other news, CEO Eric B. Stang sold 5,000 shares of Ooma stock in a transaction on Tuesday, October 16th. The stock was sold at an average price of $15.00, for a total transaction of $75,000.00. Following the completion of the transaction, the chief executive officer now owns 327,500 shares of the company’s stock, valued at approximately $4,912,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP James A. Gustke sold 5,500 shares of Ooma stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $15.34, for a total value of $84,370.00. Following the transaction, the vice president now directly owns 127,275 shares of the company’s stock, valued at approximately $1,952,398.50. The disclosure for this sale can be found here. Insiders have sold a total of 51,594 shares of company stock valued at $789,464 in the last ninety days. Corporate insiders own 10.47% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in Ooma by 27.0% during the 3rd quarter. BlackRock Inc. now owns 1,592,897 shares of the technology company’s stock worth $26,443,000 after purchasing an additional 339,080 shares in the last quarter. Renaissance Technologies LLC increased its position in Ooma by 7.8% during the 3rd quarter. Renaissance Technologies LLC now owns 1,111,303 shares of the technology company’s stock worth $18,448,000 after purchasing an additional 80,703 shares in the last quarter. Vanguard Group Inc. increased its position in Ooma by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 794,173 shares of the technology company’s stock worth $13,184,000 after purchasing an additional 10,313 shares in the last quarter. Boston Partners increased its position in Ooma by 2.3% during the 2nd quarter. Boston Partners now owns 630,330 shares of the technology company’s stock worth $8,919,000 after purchasing an additional 14,300 shares in the last quarter. Finally, Royce & Associates LP increased its position in Ooma by 0.6% during the 2nd quarter. Royce & Associates LP now owns 576,835 shares of the technology company’s stock worth $8,162,000 after purchasing an additional 3,233 shares in the last quarter. 76.63% of the stock is owned by institutional investors and hedge funds.
Ooma, Inc provides communications solutions and other connected services to small business, home, and mobile users in the United States and Canadian markets. The company's Ooma Office, a multi-user communications system comprise an on-premise appliance and Ooma Linx end-point device that wirelessly connects regular desktop telephones and fax machines to the user's high-speed Internet connection; and Ooma Office Mobile HD app, which allows users to make, receive, and transfer phone calls.
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