Ooma (NYSE:OOMA) Share Price Crosses Below 50 Day Moving Average - Here's What Happened

Ooma, Inc. (NYSE:OOMA - Get Free Report)'s share price passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $12.11 and traded as low as $11.10. Ooma shares last traded at $11.20, with a volume of 106,602 shares.

Wall Street Analysts Forecast Growth

OOMA has been the topic of a number of recent analyst reports. Benchmark reiterated a "buy" rating and issued a $20.00 price objective on shares of Ooma in a research note on Monday, August 25th. JMP Securities restated a "market perform" rating on shares of Ooma in a research note on Wednesday, August 27th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Ooma has a consensus rating of "Moderate Buy" and a consensus price target of $17.63.

Ooma Trading Down 0.8%

The firm has a market capitalization of $308.98 million, a price-to-earnings ratio of -159.91 and a beta of 1.28. The firm has a fifty day moving average price of $12.11 and a 200 day moving average price of $12.34.

Insider Activity at Ooma

In other Ooma news, CEO Eric B. Stang sold 19,265 shares of the company's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $12.85, for a total transaction of $247,555.25. Following the completion of the sale, the chief executive officer owned 688,729 shares in the company, valued at approximately $8,850,167.65. The trade was a 2.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Shigeyuki Hamamatsu sold 7,335 shares of the company's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $12.89, for a total transaction of $94,548.15. Following the sale, the chief financial officer owned 191,972 shares of the company's stock, valued at $2,474,519.08. The trade was a 3.68% decrease in their position. The disclosure for this sale can be found here. 9.90% of the stock is owned by insiders.

Institutional Trading of Ooma

Several institutional investors and hedge funds have recently made changes to their positions in OOMA. Bailard Inc. raised its position in shares of Ooma by 36.0% during the 1st quarter. Bailard Inc. now owns 16,392 shares of the technology company's stock valued at $215,000 after acquiring an additional 4,335 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Ooma by 172.9% during the 1st quarter. Mackenzie Financial Corp now owns 128,555 shares of the technology company's stock valued at $1,683,000 after acquiring an additional 81,446 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Ooma by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 1,387,184 shares of the technology company's stock valued at $18,158,000 after acquiring an additional 48,459 shares during the last quarter. Bard Associates Inc. raised its position in shares of Ooma by 5.9% during the 1st quarter. Bard Associates Inc. now owns 28,257 shares of the technology company's stock valued at $370,000 after acquiring an additional 1,582 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Ooma by 4.7% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 239,992 shares of the technology company's stock valued at $3,141,000 after acquiring an additional 10,771 shares during the last quarter. Institutional investors own 80.42% of the company's stock.

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.

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