Ooma (NYSE:OOMA) Share Price Crosses Below 50 Day Moving Average – Here’s What Happened

Ooma, Inc. (NYSE:OOMA)’s share price crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $12.11 and traded as low as $11.10. Ooma shares last traded at $11.20, with a volume of 106,602 shares trading hands.

Analysts Set New Price Targets

OOMA has been the subject of a number of recent analyst reports. JMP Securities restated 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 objective on shares of Ooma in a research report on Monday, August 25th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $17.63.

Ooma Trading Down 0.8%

The firm has a market capitalization of $308.98 million, a price-to-earnings ratio of -159.91 and a beta of 1.28. The company’s 50 day moving average is $12.11 and its 200-day moving average is $12.34.

Insider Activity at Ooma

In related news, CFO Shigeyuki Hamamatsu sold 7,335 shares of Ooma stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $12.89, for a total value of $94,548.15. Following the transaction, the chief financial officer directly owned 191,972 shares of the company’s stock, valued at $2,474,519.08. This trade represents a 3.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Eric B. Stang sold 19,265 shares of the business’s stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $12.85, for a total transaction of $247,555.25. Following the sale, the chief executive officer directly owned 688,729 shares in the company, valued at approximately $8,850,167.65. The trade was a 2.72% decrease in their position. The disclosure for this sale can be found here. Company insiders own 9.90% of the company’s stock.

Institutional Trading of Ooma

A number of hedge funds and other institutional investors have recently modified their holdings of OOMA. Bailard Inc. grew its stake in shares of Ooma by 36.0% during the first quarter. Bailard Inc. now owns 16,392 shares of the technology company’s stock worth $215,000 after buying an additional 4,335 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of Ooma by 172.9% during the first quarter. Mackenzie Financial Corp now owns 128,555 shares of the technology company’s stock worth $1,683,000 after buying an additional 81,446 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Ooma by 3.6% during the first quarter. Vanguard Group Inc. now owns 1,387,184 shares of the technology company’s stock worth $18,158,000 after buying an additional 48,459 shares during the last quarter. Bard Associates Inc. grew its stake in shares of Ooma by 5.9% during the first quarter. Bard Associates Inc. now owns 28,257 shares of the technology company’s stock worth $370,000 after buying an additional 1,582 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Ooma by 4.7% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 239,992 shares of the technology company’s stock worth $3,141,000 after buying an additional 10,771 shares during the last quarter. Institutional investors 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.