Ooma (OOMA) Coverage Initiated by Analysts at Credit Suisse Group

Equities researchers at Credit Suisse Group initiated coverage on shares of Ooma (NYSE:OOMA) in a research report issued on Friday, MarketBeat Ratings reports. The firm set a “neutral” rating and a $13.00 price target on the technology company’s stock. Credit Suisse Group’s target price points to a potential downside of 19.75% from the company’s previous close.

OOMA has been the subject of several other reports. ValuEngine raised shares of Ooma from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 2nd. Zacks Investment Research raised shares of Ooma from a “sell” rating to a “hold” rating in a research note on Wednesday, May 9th. Finally, B. Riley increased their target price on shares of Ooma from $14.00 to $15.50 and gave the company a “buy” rating in a research note on Wednesday, May 23rd. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $14.38.

Shares of NYSE:OOMA traded up $0.10 during trading on Friday, reaching $16.20. The company had a trading volume of 35,365 shares, compared to its average volume of 64,717. Ooma has a twelve month low of $7.30 and a twelve month high of $16.90.

Ooma (NYSE:OOMA) last issued its quarterly earnings results on Tuesday, May 22nd. The technology company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The company had revenue of $30.22 million during the quarter, compared to analyst estimates of $29.71 million. Ooma had a negative net margin of 11.45% and a negative return on equity of 33.52%. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.02) EPS. equities analysts forecast that Ooma will post -0.74 earnings per share for the current year.

In other news, CEO Eric B. Stang sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 4th. The shares were sold at an average price of $11.92, for a total transaction of $119,200.00. Following the sale, the chief executive officer now owns 397,500 shares in the company, valued at $4,738,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Ravi Narula sold 4,533 shares of the business’s stock in a transaction that occurred on Tuesday, July 10th. The shares were sold at an average price of $15.45, for a total transaction of $70,034.85. Following the sale, the chief financial officer now owns 186,334 shares in the company, valued at approximately $2,878,860.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,543 shares of company stock valued at $719,972. Company insiders own 10.47% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Ooma by 42.7% during the second quarter. BlackRock Inc. now owns 1,253,817 shares of the technology company’s stock valued at $17,742,000 after acquiring an additional 375,221 shares during the period. Royce & Associates LP raised its holdings in shares of Ooma by 0.6% during the second quarter. Royce & Associates LP now owns 576,835 shares of the technology company’s stock valued at $8,162,000 after acquiring an additional 3,233 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in shares of Ooma by 13.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 42,257 shares of the technology company’s stock valued at $598,000 after acquiring an additional 5,157 shares during the period. Trexquant Investment LP acquired a new stake in shares of Ooma during the second quarter valued at approximately $173,000. Finally, Strs Ohio raised its holdings in shares of Ooma by 1,036.7% during the second quarter. Strs Ohio now owns 55,700 shares of the technology company’s stock valued at $788,000 after acquiring an additional 50,800 shares during the period. Institutional investors and hedge funds own 66.76% of the company’s stock.

Ooma Company Profile

Ooma, Inc provides communications solutions and other connected services to small business, home, and mobile users in the United States and Canadian markets. The company's Ooma Office, a multi-user communications system comprise an on-premise appliance and Ooma Linx end-point device that wirelessly connects regular desktop telephones and fax machines to the user's high-speed Internet connection; and Ooma Office Mobile HD app, which allows users to make, receive, and transfer phone calls.

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