Ooma (NYSE:OOMA – Get Rating) updated its FY 2023 earnings guidance on Thursday. The company provided earnings per share guidance of $0.45-$0.49 for the period, compared to the consensus earnings per share estimate of $0.39. The company issued revenue guidance of $215.50 million-$218.50 million, compared to the consensus revenue estimate of $212.04 million. Ooma also updated its Q3 2023 guidance to $0.11-$0.13 EPS.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on OOMA. JMP Securities lowered shares of Ooma from a market outperform rating to a market perform rating and reduced their price objective for the company from $24.00 to $20.00 in a research note on Wednesday, May 25th. StockNews.com lowered shares of Ooma from a strong-buy rating to a buy rating in a research note on Wednesday. Alliance Global Partners reduced their price target on shares of Ooma from $25.00 to $21.00 and set a buy rating for the company in a research report on Wednesday, May 25th. Benchmark reduced their price target on shares of Ooma to $27.00 in a research report on Friday, May 20th. Finally, Northland Securities reduced their price target on shares of Ooma to $19.00 in a research report on Wednesday, May 25th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $23.25.
Ooma Stock Down 3.7 %
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Shares of NYSE OOMA traded down $0.45 during mid-day trading on Thursday, reaching $11.65. 130,881 shares of the company were exchanged, compared to its average volume of 86,742. Ooma has a 52 week low of $10.82 and a 52 week high of $24.28. The stock has a market capitalization of $283.10 million, a PE ratio of -194.17 and a beta of 0.70. The company’s 50 day moving average price is $12.31 and its 200 day moving average price is $13.56.
Institutional Trading of Ooma
A number of hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its stake in shares of Ooma by 96.9% during the second quarter. Goldman Sachs Group Inc. now owns 90,693 shares of the technology company’s stock valued at $1,074,000 after acquiring an additional 44,643 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Ooma during the second quarter valued at about $198,000. Occudo Quantitative Strategies LP bought a new position in shares of Ooma during the second quarter valued at about $120,000. Cubist Systematic Strategies LLC raised its stake in shares of Ooma by 50.3% during the second quarter. Cubist Systematic Strategies LLC now owns 23,166 shares of the technology company’s stock valued at $274,000 after acquiring an additional 7,757 shares during the last quarter. Finally, Citadel Advisors LLC raised its stake in shares of Ooma by 351.7% during the second quarter. Citadel Advisors LLC now owns 71,183 shares of the technology company’s stock valued at $843,000 after acquiring an additional 55,424 shares during the last quarter. 80.68% of the stock is owned by institutional investors.
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 Office Pro that offers services, including HD video meetings, call recording, enhanced call blocking, and voicemail transcription; Ooma Connect, which delivers fixed wireless internet connectivity; Ooma Managed Wi-Fi, a plug-and-play enterprise-grade Wi-Fi solution; and Ooma Enterprise, a unified-communications-as-a-service solution.
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