Connective Capital Management LLC Acquires New Holdings in Ooma, Inc. (NYSE:OOMA)

Connective Capital Management LLC acquired a new position in Ooma, Inc. (NYSE:OOMA - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 30,644 shares of the technology company's stock, valued at approximately $431,000. Connective Capital Management LLC owned 0.11% of Ooma at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Squarepoint Ops LLC acquired a new position in Ooma in the fourth quarter worth $186,000. Two Sigma Investments LP boosted its holdings in Ooma by 16.9% in the fourth quarter. Two Sigma Investments LP now owns 100,482 shares of the technology company's stock worth $1,413,000 after purchasing an additional 14,530 shares during the period. Two Sigma Advisers LP boosted its holdings in Ooma by 85.8% in the fourth quarter. Two Sigma Advisers LP now owns 134,500 shares of the technology company's stock worth $1,891,000 after purchasing an additional 62,100 shares during the period. Occudo Quantitative Strategies LP boosted its holdings in Ooma by 14.1% in the fourth quarter. Occudo Quantitative Strategies LP now owns 22,957 shares of the technology company's stock worth $323,000 after purchasing an additional 2,833 shares during the period. Finally, Deutsche Bank AG lifted its stake in Ooma by 95.4% in the fourth quarter. Deutsche Bank AG now owns 26,182 shares of the technology company's stock valued at $368,000 after buying an additional 12,780 shares during the last quarter. Institutional investors and hedge funds own 80.42% of the company's stock.

Ooma Stock Performance

OOMA stock traded down $0.40 during mid-day trading on Friday, reaching $12.96. The company had a trading volume of 98,176 shares, compared to its average volume of 123,689. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $357.14 million, a P/E ratio of -35.02 and a beta of 1.21. Ooma, Inc. has a one year low of $7.16 and a one year high of $17.00. The stock's 50-day simple moving average is $12.75 and its two-hundred day simple moving average is $13.78.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on OOMA shares. Lake Street Capital cut their target price on Ooma from $18.00 to $17.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Benchmark raised their target price on Ooma from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $17.63.

Ooma 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.