Ooma (NYSE:OOMA) Share Price Passes Below 50-Day Moving Average - Here's Why

Shares of Ooma, Inc. (NYSE:OOMA - Get Free Report) crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $12.78 and traded as low as $12.33. Ooma shares last traded at $12.41, with a volume of 98,170 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on OOMA. Lake Street Capital lowered their target price on Ooma from $18.00 to $17.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Benchmark raised their price objective on Ooma from $17.00 to $20.00 and gave the company a "buy" rating in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $17.63.

Ooma Stock Down 0.2%

The firm has a market capitalization of $338.40 million, a PE ratio of -64.53 and a beta of 1.22. The stock has a 50-day moving average price of $12.79 and a 200 day moving average price of $13.63.

Insider Transactions at Ooma

In other Ooma news, CFO Shigeyuki Hamamatsu sold 10,704 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $13.31, for a total transaction of $142,470.24. Following the sale, the chief financial officer now owns 207,909 shares in the company, valued at $2,767,268.79. This represents a 4.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Eric B. Stang sold 10,727 shares of the company's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $12.98, for a total value of $139,236.46. Following the sale, the chief executive officer now owns 1,236,997 shares in the company, valued at approximately $16,056,221.06. This trade represents a 0.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,202 shares of company stock valued at $512,438 over the last ninety days. Insiders own 9.90% of the company's stock.

Institutional Trading of Ooma

A number of large investors have recently made changes to their positions in the company. Quantbot Technologies LP acquired a new stake in Ooma during the 4th quarter worth approximately $92,000. EntryPoint Capital LLC purchased a new position in shares of Ooma during the 4th quarter worth approximately $153,000. Invesco Ltd. purchased a new position in shares of Ooma during the 1st quarter worth approximately $161,000. Oxford Asset Management LLP purchased a new position in shares of Ooma during the 4th quarter worth approximately $168,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Ooma during the 4th quarter worth approximately $186,000. 80.42% of the stock is owned by institutional investors and hedge funds.

About Ooma

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.