Ooma (NYSE:OOMA) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

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

Ooma Stock Up 2.0%

Shares of Ooma stock traded up $0.25 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 company has a market capitalization of $359.35 million, a P/E ratio of 186.00 and a beta of 1.32. Ooma has a 52-week low of $9.79 and a 52-week high of $14.75. The firm has a fifty day moving average price of $11.78 and a 200-day moving average price of $11.79.

Institutional Trading of Ooma

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Ooma by 2.4% in the third quarter. Vanguard Group Inc. now owns 1,501,963 shares of the technology company’s stock worth $18,009,000 after acquiring an additional 34,960 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Ooma by 4.0% in the 4th quarter. JPMorgan Chase & Co. now owns 576,041 shares of the technology company’s stock valued at $6,757,000 after acquiring an additional 22,125 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Ooma by 17.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 513,820 shares of the technology company’s stock worth $6,161,000 after purchasing an additional 76,088 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Ooma by 5.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 334,910 shares of the technology company’s stock worth $3,928,000 after purchasing an additional 17,184 shares in the last quarter. Finally, Millennium Management LLC boosted its position in shares of Ooma by 81.6% in the first quarter. Millennium Management LLC now owns 316,564 shares of the technology company’s stock worth $4,144,000 after buying an additional 142,220 shares during the period. Hedge funds and other institutional investors own 80.42% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Benchmark reissued a “buy” rating on shares of Ooma in a report on Tuesday, December 9th. Lake Street Capital raised their target price on Ooma from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.00.

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.