Ooma (NYSE:OOMA) Given "Buy" Rating at Benchmark

Key Points

• Ooma's stock has been reaffirmed with a "buy" rating by Benchmark, with a price target of $20.00, suggesting a potential upside of 65.98% from its current price of $12.05.
• Insiders, including CEO Eric B. Stang and CFO Shigeyuki Hamamatsu, have recently sold shares, with Stang selling 10,727 shares and Hamamatsu selling 10,704 shares, indicating a decrease in their ownership.
• Institutional investors now own 80.42% of Ooma's stock, with significant increases in holdings from firms like Wells Fargo and Marshall Wace LLP during the fourth quarter.

Ooma (NYSE:OOMA - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at Benchmark in a research note issued on Monday,Benzinga reports. They currently have a $20.00 price target on the technology company's stock. Benchmark's price objective points to a potential upside of 54.48% from the stock's current price.

Ooma Price Performance

OOMA traded down $0.00 during trading on Monday, reaching $12.95. 164,906 shares of the stock were exchanged, compared to its average volume of 157,395. The business's 50 day moving average price is $12.10 and its two-hundred day moving average price is $12.83. The company has a market capitalization of $357.34 million, a price-to-earnings ratio of -184.93 and a beta of 1.21. Ooma has a 1 year low of $9.84 and a 1 year high of $17.00.

Insider Buying and Selling

In related news, Director Andrew H. Galligan sold 12,407 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $12.43, for a total value of $154,219.01. Following the completion of the transaction, the director directly owned 241,081 shares in the company, valued at approximately $2,996,636.83. This represents a 4.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Namrata Sabharwal sold 9,491 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $12.66, for a total value of $120,156.06. Following the completion of the transaction, the chief accounting officer owned 65,935 shares of the company's stock, valued at $834,737.10. The trade was a 12.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,609 shares of company stock valued at $666,657. 9.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Ooma

Institutional investors have recently added to or reduced their stakes in the business. New York State Teachers Retirement System increased its stake in Ooma by 2,188.0% during the second quarter. New York State Teachers Retirement System now owns 2,288 shares of the technology company's stock worth $30,000 after acquiring an additional 2,188 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in Ooma by 225.2% during the second quarter. Tower Research Capital LLC TRC now owns 3,620 shares of the technology company's stock worth $47,000 after acquiring an additional 2,507 shares during the last quarter. Lazard Asset Management LLC increased its stake in Ooma by 503.1% during the second quarter. Lazard Asset Management LLC now owns 4,927 shares of the technology company's stock worth $63,000 after acquiring an additional 4,110 shares during the last quarter. Legal & General Group Plc increased its stake in Ooma by 203.1% during the second quarter. Legal & General Group Plc now owns 6,226 shares of the technology company's stock worth $80,000 after acquiring an additional 4,172 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in Ooma during the second quarter worth about $132,000. 80.42% of the stock is currently 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.