Ooma's (OOMA) Market Perform Rating Reiterated at JMP Securities

Key Points

• Ooma's stock rating has been reaffirmed as "market perform" by JMP Securities, while Benchmark maintains a "buy" rating with a target price of $20.00.
• The stock price increased by 8.6% to $13.30 on Wednesday, with a market capitalization of $367 million.
• Insider trading showed significant sales, with CFO Shigeyuki Hamamatsu and CEO Eric B. Stang selling shares recently, reducing their ownership.

Ooma (NYSE:OOMA - Get Free Report)'s stock had its "market perform" rating reissued by investment analysts at JMP Securities in a report issued on Wednesday,Benzinga reports.

Separately, Benchmark reiterated a "buy" rating and issued a $20.00 price objective on shares of Ooma in a research note on Monday, August 25th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $17.63.

Ooma Stock Performance

Shares of OOMA traded down $0.00 during midday trading on Wednesday, hitting $12.95. The company had a trading volume of 164,906 shares, compared to its average volume of 158,135. The company's 50-day simple moving average is $12.10 and its 200-day simple moving average is $12.80. The firm has a market capitalization of $357.34 million, a P/E ratio of -184.93 and a beta of 1.30. Ooma has a 1 year low of $9.84 and a 1 year high of $17.00.

Insiders Place Their Bets

In related news, CEO Eric B. Stang sold 10,727 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $12.98, for a total value of $139,236.46. Following the completion of the transaction, the chief executive officer directly owned 1,236,997 shares of the company's stock, valued at $16,056,221.06. This represents a 0.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Shigeyuki Hamamatsu sold 10,704 shares of the company's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $13.31, for a total value of $142,470.24. Following the completion of the transaction, the chief financial officer directly owned 207,909 shares of the company's stock, valued at $2,767,268.79. This trade represents a 4.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,609 shares of company stock valued at $666,657. 9.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ooma

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OOMA. Vanguard Group Inc. lifted its stake in Ooma by 3.6% in the first quarter. Vanguard Group Inc. now owns 1,387,184 shares of the technology company's stock valued at $18,158,000 after buying an additional 48,459 shares during the last quarter. Acadian Asset Management LLC raised its position in Ooma by 8.2% in the second quarter. Acadian Asset Management LLC now owns 1,021,104 shares of the technology company's stock worth $13,157,000 after acquiring an additional 77,133 shares in the last quarter. Geode Capital Management LLC raised its position in Ooma by 2.3% in the second quarter. Geode Capital Management LLC now owns 588,098 shares of the technology company's stock worth $7,588,000 after acquiring an additional 13,258 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in Ooma by 12.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 437,732 shares of the technology company's stock worth $5,647,000 after acquiring an additional 49,592 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in Ooma by 81.6% in the first quarter. Millennium Management LLC now owns 316,564 shares of the technology company's stock valued at $4,144,000 after purchasing an additional 142,220 shares during the last quarter. 80.42% of the stock is owned by institutional investors and hedge funds.

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.