Wellington Management Group LLP lowered its position in shares of Ooma Inc (NYSE:OOMA) by 36.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,483 shares of the technology company’s stock after selling 13,411 shares during the quarter. Wellington Management Group LLP’s holdings in Ooma were worth $280,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the business. BlackRock Inc. grew its stake in Ooma by 0.4% during the first quarter. BlackRock Inc. now owns 1,706,869 shares of the technology company’s stock worth $20,364,000 after purchasing an additional 6,726 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Ooma by 0.3% in the 1st quarter. Russell Investments Group Ltd. now owns 1,678,097 shares of the technology company’s stock valued at $20,016,000 after buying an additional 4,283 shares during the period. Renaissance Technologies LLC increased its position in Ooma by 1.4% in the 4th quarter. Renaissance Technologies LLC now owns 988,303 shares of the technology company’s stock valued at $13,075,000 after buying an additional 13,900 shares in the last quarter. Wasatch Advisors Inc. raised its stake in Ooma by 12.7% during the 1st quarter. Wasatch Advisors Inc. now owns 424,206 shares of the technology company’s stock worth $5,061,000 after buying an additional 47,652 shares during the period. Finally, State Street Corp raised its stake in Ooma by 12.7% during the 4th quarter. State Street Corp now owns 372,952 shares of the technology company’s stock worth $4,934,000 after buying an additional 41,975 shares during the period. Hedge funds and other institutional investors own 75.70% of the company’s stock.
Several equities research analysts have recently commented on OOMA shares. ValuEngine downgraded Ooma from a “buy” rating to a “hold” rating in a report on Friday, June 5th. Alliance Global Partners started coverage on Ooma in a report on Monday, March 16th. They set a “buy” rating and a $21.00 price objective for the company. Zacks Investment Research upgraded Ooma from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Thursday, March 12th. Finally, B. Riley upped their price target on Ooma from $21.50 to $22.00 and gave the stock a “buy” rating in a report on Friday, March 6th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $18.60.
Ooma (NYSE:OOMA) last issued its quarterly earnings results on Tuesday, May 26th. The technology company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.24. Ooma had a negative return on equity of 35.97% and a negative net margin of 9.58%. The firm had revenue of $40.31 million for the quarter, compared to analysts’ expectations of $39.89 million. As a group, equities analysts expect that Ooma Inc will post -0.29 EPS for the current fiscal year.
In related news, Director Russell Mann sold 3,100 shares of the stock in a transaction dated Friday, June 19th. The stock was sold at an average price of $13.71, for a total transaction of $42,501.00. Following the sale, the director now owns 64,495 shares of the company’s stock, valued at approximately $884,226.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 10.19% of the company’s stock.
Ooma, Inc creates connected experiences for businesses and consumers in the United States, Canada, and internationally. The company's smart cloud-based SaaS platform serves as a communications hub, which offers cloud-based communications solutions, smart security, and other connected services. Its business and residential solutions deliver PureVoice high-definition voice quality, advanced functionality, and integration with mobile devices; and platform helps to create smart workplace and homes by offering communications, monitoring, security, automation, productivity, and networking infrastructure applications.
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