Ooma Inc. (OOMA) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS
Ooma Inc. (NYSE:OOMA) released its quarterly earnings data on Tuesday. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The business had revenue of $27 million for the quarter, compared to the consensus estimate of $27 million. Ooma had a negative net margin of 14.33% and a negative return on equity of 32.89%. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.12) EPS. Ooma updated its Q4 guidance to ($0.04)-($0.02) EPS.
Ooma (NYSE:OOMA) opened at 9.50 on Wednesday. Ooma has a 1-year low of $5.43 and a 1-year high of $9.92. The company has a 50 day moving average of $8.82 and a 200 day moving average of $8.43. The firm’s market capitalization is $165.33 million.
In other Ooma news, VP James A. Gustke sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $9.01, for a total transaction of $36,040.00. Following the sale, the vice president now owns 222,163 shares of the company’s stock, valued at $2,001,688.63. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Russell Mann sold 27,000 shares of the firm’s stock in a transaction that occurred on Friday, September 30th. The stock was sold at an average price of $8.80, for a total transaction of $237,600.00. Following the sale, the director now directly owns 55,974 shares in the company, valued at approximately $492,571.20. The disclosure for this sale can be found here. 48.19% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. bought a new stake in Ooma during the first quarter worth $473,000. Boston Partners bought a new stake in Ooma during the second quarter worth $2,316,000. Emerald Acquisition Ltd. bought a new stake in Ooma during the second quarter worth $779,000. Wasatch Advisors Inc. boosted its stake in Ooma by 40.1% in the third quarter. Wasatch Advisors Inc. now owns 290,050 shares of the company’s stock worth $2,634,000 after buying an additional 83,050 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in Ooma by 25.7% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 73,809 shares of the company’s stock worth $670,000 after buying an additional 15,086 shares during the last quarter. 25.94% of the stock is currently owned by institutional investors.
OOMA has been the topic of several recent research reports. Zacks Investment Research raised shares of Ooma from a “sell” rating to a “hold” rating in a report on Tuesday, September 27th. JMP Securities upped their price objective on shares of Ooma from $12.00 to $14.00 and gave the company a “market outperform” rating in a report on Wednesday, August 31st. Bank of America Corp. reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Ooma in a report on Wednesday, August 31st. B. Riley initiated coverage on shares of Ooma in a report on Tuesday, October 25th. They issued a “buy” rating and a $15.50 price objective on the stock. Finally, Credit Suisse Group AG reaffirmed a “buy” rating on shares of Ooma in a report on Wednesday, August 31st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Ooma has a consensus rating of “Buy” and an average price target of $12.71.
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Ooma, Inc is a provider of communications solutions and other connected services to small business, home and mobile users. The Company’s hybrid software as a service (SaaS) platform consists of its cloud, on premise appliances, mobile applications and end-point devices. The Company’s communications solutions deliver its PureVoice high-definition (HD) voice quality and integration with mobile devices.
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