Ooma, Inc. (NYSE:OOMA) Sees Large Decrease in Short Interest

Ooma, Inc. (NYSE:OOMA) saw a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 489,700 shares, a decrease of 23.2% from the January 15th total of 637,600 shares. Based on an average daily trading volume, of 128,800 shares, the days-to-cover ratio is currently 3.8 days.

Ooma Price Performance

NYSE OOMA traded up $0.12 during mid-day trading on Friday, hitting $15.47. The company’s stock had a trading volume of 73,541 shares, compared to its average volume of 96,679. Ooma has a 52-week low of $6.50 and a 52-week high of $17.00. The stock’s fifty day simple moving average is $14.44 and its two-hundred day simple moving average is $12.55. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.04.

Insiders Place Their Bets

In other news, SVP James A. Gustke sold 3,582 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $17.00, for a total transaction of $60,894.00. Following the transaction, the senior vice president now directly owns 27,675 shares of the company’s stock, valued at $470,475. This represents a 11.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Eric B. Stang sold 61,580 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $15.10, for a total transaction of $929,858.00. Following the transaction, the chief executive officer now directly owns 1,245,665 shares in the company, valued at approximately $18,809,541.50. This trade represents a 4.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 158,457 shares of company stock worth $2,413,132. 9.76% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Ooma by 5.6% in the fourth quarter. Vanguard Group Inc. now owns 1,338,725 shares of the technology company’s stock worth $18,822,000 after purchasing an additional 71,247 shares during the period. Renaissance Technologies LLC boosted its holdings in Ooma by 0.4% in the fourth quarter. Renaissance Technologies LLC now owns 826,103 shares of the technology company’s stock worth $11,615,000 after purchasing an additional 3,200 shares during the period. Geode Capital Management LLC boosted its holdings in Ooma by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 554,211 shares of the technology company’s stock worth $7,794,000 after purchasing an additional 7,693 shares during the period. State Street Corp boosted its holdings in Ooma by 2.9% in the third quarter. State Street Corp now owns 475,737 shares of the technology company’s stock worth $5,419,000 after purchasing an additional 13,240 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Ooma by 284.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 253,016 shares of the technology company’s stock valued at $3,557,000 after buying an additional 187,245 shares during the last quarter. Hedge funds and other institutional investors own 80.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on OOMA. StockNews.com raised shares of Ooma from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 6th. B. Riley increased their price objective on shares of Ooma from $14.50 to $15.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Lake Street Capital increased their price objective on shares of Ooma from $14.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Northland Securities raised their price target on shares of Ooma from $16.00 to $18.00 and gave the stock an “outperform” rating in a research note on Thursday, December 5th. Finally, Benchmark raised their price target on shares of Ooma from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $16.60.

About Ooma

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.