Ooma (NYSE:OOMA) Announces Earnings Results

Ooma (NYSE:OOMA) announced its quarterly earnings data on Wednesday. The technology company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.31 by $0.03, FiscalAI reports. The business had revenue of $74.58 million during the quarter, compared to analysts’ expectations of $72.55 million. Ooma had a net margin of 0.85% and a return on equity of 10.81%.

Ooma Trading Up 2.0%

Ooma stock traded up $0.25 during mid-day trading on Wednesday, hitting $13.02. The company’s stock had a trading volume of 301,831 shares, compared to its average volume of 173,646. The stock’s fifty day moving average is $11.78 and its two-hundred day moving average is $11.79. The firm has a market capitalization of $359.35 million, a PE ratio of 186.00 and a beta of 1.32. Ooma has a 1 year low of $9.79 and a 1 year high of $14.75.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on OOMA shares. Lake Street Capital increased their target price on Ooma from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Benchmark restated a “buy” rating on shares of Ooma in a research report on Tuesday, December 9th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Ooma has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Institutional Trading of Ooma

A number of hedge funds and other institutional investors have recently modified their holdings of OOMA. Two Sigma Investments LP boosted its stake in shares of Ooma by 419.6% in the 3rd quarter. Two Sigma Investments LP now owns 188,635 shares of the technology company’s stock valued at $2,262,000 after buying an additional 152,328 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in Ooma during the 4th quarter valued at approximately $1,774,000. Millennium Management LLC lifted its holdings in shares of Ooma by 81.6% during the first quarter. Millennium Management LLC now owns 316,564 shares of the technology company’s stock worth $4,144,000 after purchasing an additional 142,220 shares during the period. Qube Research & Technologies Ltd grew its position in Ooma by 71.7% in the 3rd quarter. Qube Research & Technologies Ltd now owns 304,278 shares of the technology company’s stock valued at $3,648,000 after buying an additional 127,104 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Ooma by 126.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 138,668 shares of the technology company’s stock valued at $1,663,000 after buying an additional 77,318 shares during the period. 80.42% of the stock is owned by institutional investors and hedge funds.

About Ooma

Ooma, Inc, headquartered in Sunnyvale, California, is a leading provider of communication services for residential and business customers. Since its founding in 2004, Ooma has built a cloud-based platform that leverages Voice over Internet Protocol (VoIP) technology to deliver voice, video and data services over broadband networks. The company went public on the New York Stock Exchange in 2015 under the ticker OOMA and has continued to expand its service portfolio to meet evolving customer demands.

For residential users, Ooma offers an all-in-one home phone service that includes its flagship Telo device, mobile and web applications, and optional smart home security features.