Ooma (NYSE:OOMA) Price Target Cut to $17.00 by Analysts at Lake Street Capital

Ooma (NYSE:OOMA) had its target price cut by Lake Street Capital from $18.00 to $17.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the technology company’s stock.

OOMA has been the subject of a number of other research reports. B. Riley boosted their price target on Ooma from $14.50 to $15.50 and gave the company a “buy” rating in a research report on Monday, November 25th. StockNews.com raised shares of Ooma from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 6th. Benchmark lifted their price target on shares of Ooma from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Northland Securities boosted their price objective 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. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $17.00.

Ooma Stock Performance

NYSE:OOMA opened at $14.04 on Wednesday. Ooma has a fifty-two week low of $6.50 and a fifty-two week high of $17.00. The firm’s 50 day moving average is $14.42 and its two-hundred day moving average is $13.07. The company has a market cap of $379.16 million, a P/E ratio of -37.95 and a beta of 0.96. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.04.

Insider Transactions at Ooma

In other Ooma news, CEO Eric B. Stang sold 61,580 shares of the stock in a transaction on Friday, December 6th. The shares were 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 $18,809,541.50. This represents a 4.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William D. Pearce sold 3,700 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.54, for a total transaction of $57,498.00. Following the completion of the sale, the director now directly owns 163,353 shares of the company’s stock, valued at $2,538,505.62. The trade was a 2.21 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 154,875 shares of company stock valued at $2,352,238. 9.76% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership boosted its holdings in Ooma by 284.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 253,016 shares of the technology company’s stock worth $3,557,000 after purchasing an additional 187,245 shares during the period. Alliancebernstein L.P. grew its position in shares of Ooma by 674.1% during the 4th quarter. Alliancebernstein L.P. now owns 128,430 shares of the technology company’s stock valued at $1,806,000 after buying an additional 111,840 shares during the last quarter. Marshall Wace LLP raised its stake in Ooma by 188.3% during the fourth quarter. Marshall Wace LLP now owns 146,621 shares of the technology company’s stock worth $2,061,000 after acquiring an additional 95,765 shares during the period. Norges Bank bought a new position in Ooma in the fourth quarter worth about $1,067,000. Finally, Vanguard Group Inc. boosted its stake in Ooma by 5.6% in the fourth quarter. Vanguard Group Inc. now owns 1,338,725 shares of the technology company’s stock valued at $18,822,000 after acquiring an additional 71,247 shares during the period. Institutional investors and hedge funds own 80.42% of the company’s stock.

Ooma Company Profile

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.