Ooma (NYSE:OOMA) Stock Price Expected to Rise, Lake Street Capital Analyst Says

Ooma (NYSE:OOMA) had its price objective raised by investment analysts at Lake Street Capital from $14.00 to $18.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Lake Street Capital’s price objective points to a potential upside of 11.39% from the company’s previous close.

Several other equities research analysts also recently commented on OOMA. JMP Securities reaffirmed a “market perform” rating on shares of Ooma in a report on Wednesday, August 28th. Benchmark lifted their target price on shares of Ooma from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday. B. Riley raised their price objective on shares of Ooma from $14.50 to $15.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Northland Securities increased their price objective on Ooma from $16.00 to $18.00 and gave the stock an “outperform” rating in a research note on Thursday. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $16.60.

Ooma Price Performance

Ooma stock traded up $0.79 during midday trading on Thursday, hitting $16.16. The company’s stock had a trading volume of 279,842 shares, compared to its average volume of 104,041. Ooma has a 12 month low of $6.50 and a 12 month high of $17.00. The company has a quick ratio of 0.83, a current ratio of 1.15 and a debt-to-equity ratio of 0.10. The stock’s 50-day moving average price is $12.74 and its 200-day moving average price is $10.57. The company has a market capitalization of $433.09 million, a PE ratio of -85.05 and a beta of 0.94.

Institutional Trading of Ooma

Large investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC boosted its holdings in Ooma by 40.4% in the second quarter. Acadian Asset Management LLC now owns 535,404 shares of the technology company’s stock worth $5,314,000 after purchasing an additional 154,117 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Ooma by 64.8% in the second quarter. Assenagon Asset Management S.A. now owns 193,645 shares of the technology company’s stock worth $1,923,000 after buying an additional 76,161 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Ooma by 5.7% during the first quarter. Vanguard Group Inc. now owns 1,266,320 shares of the technology company’s stock worth $10,802,000 after buying an additional 68,430 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Ooma by 69.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 163,212 shares of the technology company’s stock valued at $1,859,000 after acquiring an additional 66,678 shares during the period. Finally, Renaissance Technologies LLC grew its stake in shares of Ooma by 4.1% in the second quarter. Renaissance Technologies LLC now owns 845,203 shares of the technology company’s stock worth $8,393,000 after acquiring an additional 33,100 shares during the last quarter. 80.42% of the stock is owned by institutional investors.

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.