Ooma (NYSE:OOMA) Updates Q2 2023 Earnings Guidance

Ooma (NYSE:OOMAGet Rating) issued an update on its second quarter 2023 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.10-$0.11 for the period, compared to the consensus earnings per share estimate of $0.09. The company issued revenue guidance of $51.40 million-$51.90 million, compared to the consensus revenue estimate of $51.17 million. Ooma also updated its FY 2023 guidance to $0.37-$0.43 EPS.

Ooma stock opened at $11.31 on Tuesday. The company has a fifty day simple moving average of $13.20 and a 200 day simple moving average of $15.98. Ooma has a 1-year low of $10.82 and a 1-year high of $24.28. The company has a market cap of $274.83 million, a P/E ratio of -188.50 and a beta of 0.67.

Ooma (NYSE:OOMAGet Rating) last announced its earnings results on Tuesday, May 24th. The technology company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. The business had revenue of $50.34 million during the quarter, compared to the consensus estimate of $49.77 million. Ooma had a negative net margin of 0.83% and a negative return on equity of 0.65%. During the same quarter in the previous year, the firm posted ($0.03) EPS. As a group, analysts predict that Ooma will post -0.16 earnings per share for the current fiscal year.

Several equities research analysts recently issued reports on the stock. JMP Securities lowered shares of Ooma from a market outperform rating to a market perform rating and decreased their price target for the company from $24.00 to $20.00 in a report on Wednesday, May 25th. StockNews.com raised shares of Ooma from a buy rating to a strong-buy rating in a report on Thursday, May 12th. Northland Securities reduced their target price on shares of Ooma to $19.00 in a report on Wednesday, May 25th. Benchmark reduced their target price on shares of Ooma to $27.00 in a report on Friday, May 20th. Finally, Alliance Global Partners reduced their price objective on shares of Ooma from $25.00 to $21.00 and set a buy rating on the stock in a research note on Wednesday, May 25th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Buy and an average target price of $23.25.

Several institutional investors have recently added to or reduced their stakes in OOMA. BlackRock Inc. raised its holdings in Ooma by 4.4% during the fourth quarter. BlackRock Inc. now owns 1,853,807 shares of the technology company’s stock worth $37,891,000 after buying an additional 77,660 shares during the last quarter. Wellington Management Group LLP raised its holdings in Ooma by 22.4% during the first quarter. Wellington Management Group LLP now owns 1,153,787 shares of the technology company’s stock worth $17,296,000 after buying an additional 211,434 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Ooma by 4.9% during the first quarter. Renaissance Technologies LLC now owns 972,303 shares of the technology company’s stock worth $14,575,000 after buying an additional 45,300 shares during the last quarter. State Street Corp raised its holdings in Ooma by 2.4% during the first quarter. State Street Corp now owns 661,399 shares of the technology company’s stock worth $9,914,000 after buying an additional 15,339 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Ooma by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 502,260 shares of the technology company’s stock worth $10,266,000 after buying an additional 8,206 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

About Ooma (Get Rating)

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.

Featured Stories

Earnings History and Estimates for Ooma (NYSE:OOMA)

Receive News & Ratings for Ooma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ooma and related companies with MarketBeat.com's FREE daily email newsletter.