Acadian Asset Management LLC Purchases 268,636 Shares of Ooma, Inc. $OOMA

Key Points

• Acadian Asset Management LLC increased its holdings in Ooma, Inc. by 39.8%, owning approximately 3.43% of the company with a position valued at $12.34 million.
• Ooma's stock currently holds a consensus rating of "Moderate Buy" with an average price target of $17.63 as analysts from Benchmark and JMP Securities maintain buy or market perform ratings.
• Insider sales have occurred, including CEO Eric B. Stang selling 19,265 shares at an average price of $12.85, reflecting a 2.72% decrease in his total holdings.

Acadian Asset Management LLC increased its position in Ooma, Inc. (NYSE:OOMA - Free Report) by 39.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 943,971 shares of the technology company's stock after acquiring an additional 268,636 shares during the quarter. Acadian Asset Management LLC owned about 3.43% of Ooma worth $12,344,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Invesco Ltd. bought a new stake in shares of Ooma in the 1st quarter worth approximately $161,000. Squarepoint Ops LLC bought a new stake in shares of Ooma in the 4th quarter worth approximately $186,000. Bailard Inc. lifted its holdings in shares of Ooma by 36.0% in the 1st quarter. Bailard Inc. now owns 16,392 shares of the technology company's stock worth $215,000 after acquiring an additional 4,335 shares during the last quarter. State of Wyoming bought a new stake in Ooma during the 1st quarter valued at $310,000. Finally, Occudo Quantitative Strategies LP raised its holdings in Ooma by 14.1% in the 4th 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 in the last quarter. 80.42% of the stock is currently owned by institutional investors.

Insider Transactions at Ooma

In other news, CEO Eric B. Stang sold 19,265 shares of the stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $12.85, for a total value of $247,555.25. Following the transaction, the chief executive officer owned 688,729 shares in the company, valued at $8,850,167.65. This represents a 2.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Shigeyuki Hamamatsu sold 7,335 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $12.89, for a total transaction of $94,548.15. Following the completion of the transaction, the chief financial officer owned 191,972 shares in the company, valued at $2,474,519.08. This trade represents a 3.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,007 shares of company stock worth $496,322 in the last quarter. Company insiders own 9.90% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on OOMA. Benchmark restated a "buy" rating and issued a $20.00 price objective on shares of Ooma in a report on Monday, August 25th. JMP Securities restated a "market perform" rating on shares of Ooma in a report on Wednesday, August 27th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $17.63.

Ooma Price Performance

OOMA stock traded up $0.18 during trading on Wednesday, hitting $12.89. 35,822 shares of the stock traded hands, compared to its average volume of 144,243. Ooma, Inc. has a 1 year low of $10.88 and a 1 year high of $17.00. The firm's 50 day moving average is $12.08 and its two-hundred day moving average is $12.64. The stock has a market cap of $355.65 million, a price-to-earnings ratio of -184.03 and a beta of 1.30.

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.