Ooma (NYSE:OOMA) Given Buy Rating at Benchmark

Benchmark reiterated their buy rating on shares of Ooma (NYSE:OOMA) in a research note released on Monday morning,Benzinga reports. The firm currently has a $20.00 price target on the technology company’s stock.

Ooma Stock Performance

NYSE OOMA opened at $11.9850 on Monday. Ooma has a twelve month low of $8.69 and a twelve month high of $17.00. The stock has a market capitalization of $330.79 million, a PE ratio of -63.08 and a beta of 1.21. The stock has a 50-day simple moving average of $12.06 and a 200 day simple moving average of $12.86.

Insiders Place Their Bets

In other news, CAO Namrata Sabharwal sold 9,491 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $12.66, for a total value of $120,156.06. Following the completion of the sale, the chief accounting officer directly owned 65,935 shares of the company’s stock, valued at approximately $834,737.10. This represents a 12.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrew H. Galligan sold 12,407 shares of the business’s stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $12.43, for a total transaction of $154,219.01. Following the transaction, the director directly owned 241,081 shares in the company, valued at $2,996,636.83. This trade represents a 4.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,609 shares of company stock valued at $666,657 in the last three months. 9.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. New York State Teachers Retirement System raised its position in shares of Ooma by 2,188.0% during the second quarter. New York State Teachers Retirement System now owns 2,288 shares of the technology company’s stock valued at $30,000 after buying an additional 2,188 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in Ooma by 225.2% during the second quarter. Tower Research Capital LLC TRC now owns 3,620 shares of the technology company’s stock valued at $47,000 after acquiring an additional 2,507 shares during the period. Lazard Asset Management LLC raised its holdings in Ooma by 503.1% in the 2nd quarter. Lazard Asset Management LLC now owns 4,927 shares of the technology company’s stock valued at $63,000 after acquiring an additional 4,110 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Ooma by 203.1% in the 2nd quarter. Legal & General Group Plc now owns 6,226 shares of the technology company’s stock worth $80,000 after acquiring an additional 4,172 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Ooma in the 2nd quarter worth approximately $132,000. Institutional investors own 80.42% of the company’s stock.

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 Connect, which delivers fixed wireless internet connectivity; and Ooma Enterprise, a unified-communications-as-a-service (UCaaS) solution.