Ooma (NYSE:OOMA) Shares Cross Below 50 Day Moving Average - Time to Sell?

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 Analyst Weigh In

A number of equities research analysts have recently issued reports on OOMA shares. Lake Street Capital dropped their price objective 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 boosted their target price on shares of Ooma from $17.00 to $20.00 and gave the stock a "buy" rating in a report on Wednesday, March 5th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $17.63.

Ooma Stock Down 0.5%

The firm has a market capitalization of $342.52 million, a PE ratio of -65.32 and a beta of 1.22. The company has a 50-day moving average of $12.78 and a 200 day moving average of $13.68.

Insider Transactions at Ooma

In other Ooma news, CEO Eric B. Stang sold 10,727 shares of the firm'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 transaction, the chief executive officer now directly owns 1,236,997 shares of the company's stock, valued at approximately $16,056,221.06. This trade represents a 0.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Namrata Sabharwal sold 9,491 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $12.66, for a total value of $120,156.06. Following the completion of the sale, the chief accounting officer now owns 65,935 shares of the company's stock, valued at $834,737.10. This trade represents a 12.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 39,202 shares of company stock worth $512,438 over the last three months. 9.90% of the stock is currently owned by company insiders.

Institutional Trading of Ooma

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bard Associates Inc. lifted its holdings in Ooma by 31.1% in the 4th quarter. Bard Associates Inc. now owns 26,675 shares of the technology company's stock worth $375,000 after purchasing an additional 6,328 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Ooma by 40.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 229,221 shares of the technology company's stock worth $3,223,000 after buying an additional 66,009 shares in the last quarter. Globeflex Capital L P boosted its position in shares of Ooma by 473.7% during the fourth quarter. Globeflex Capital L P now owns 77,305 shares of the technology company's stock worth $1,087,000 after acquiring an additional 63,831 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Ooma during the fourth quarter worth $92,000. Finally, Sei Investments Co. grew its stake in Ooma by 101.0% during the fourth quarter. Sei Investments Co. now owns 36,378 shares of the technology company's stock valued at $511,000 after acquiring an additional 18,275 shares in the last quarter. 80.42% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.