Ooma (NYSE:OOMA) Announces Earnings Results, Beats Expectations By $0.05 EPS

Ooma (NYSE:OOMA) announced its quarterly earnings data on Monday. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.05, FiscalAI reports. Ooma had a positive return on equity of 6.52% and a negative net margin of 0.58%.The firm had revenue of $67.63 million for the quarter, compared to analysts’ expectations of $67.58 million.

Ooma Trading Up 6.2%

Shares of NYSE:OOMA traded up $0.73 during trading on Monday, reaching $12.47. The stock had a trading volume of 693,246 shares, compared to its average volume of 143,546. The firm’s 50-day simple moving average is $11.37 and its 200 day simple moving average is $12.07. Ooma has a one year low of $9.79 and a one year high of $15.70. The company has a market capitalization of $344.14 million, a P/E ratio of -178.10 and a beta of 1.34.

Wall Street Analyst Weigh In

OOMA has been the topic of a number of analyst reports. JMP Securities reaffirmed a “market perform” rating on shares of Ooma in a research report on Wednesday, August 27th. Benchmark restated a “buy” rating and issued a $20.00 price target on shares of Ooma in a research note on Monday, August 25th. Finally, Lake Street Capital upped their target price on shares of Ooma from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ooma has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Institutional Trading of Ooma

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Two Sigma Investments LP increased its stake in shares of Ooma by 419.6% in the third quarter. Two Sigma Investments LP now owns 188,635 shares of the technology company’s stock worth $2,262,000 after acquiring an additional 152,328 shares during the period. Millennium Management LLC grew its stake in shares of Ooma by 81.6% during the 1st quarter. Millennium Management LLC now owns 316,564 shares of the technology company’s stock worth $4,144,000 after purchasing an additional 142,220 shares during the period. Qube Research & Technologies Ltd lifted its stake in shares of Ooma by 71.7% in the 3rd quarter. Qube Research & Technologies Ltd now owns 304,278 shares of the technology company’s stock valued at $3,648,000 after purchasing an additional 127,104 shares during the period. BNP Paribas Financial Markets raised its position in shares of Ooma by 126.0% in the third quarter. BNP Paribas Financial Markets now owns 138,668 shares of the technology company’s stock worth $1,663,000 after acquiring an additional 77,318 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Ooma by 17.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 513,820 shares of the technology company’s stock valued at $6,161,000 after purchasing an additional 76,088 shares in the last quarter. Institutional investors and hedge funds own 80.42% of the company’s stock.

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.