Ooma (NYSE:OOMA) Updates FY 2024 Earnings Guidance

Ooma (NYSE:OOMA – Get Rating) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of $0.55-$0.63 for the period, compared to the consensus earnings per share estimate of $0.59. The company issued revenue guidance of $235.50 million-$238.50 million, compared to the consensus revenue estimate of $236.26 million. Ooma also updated its Q2 2024 guidance to $0.13-$0.15 EPS.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on OOMA. JMP Securities reduced their price target on Ooma from $20.00 to $18.00 and set a market outperform rating for the company in a research note on Friday, March 3rd. Benchmark restated a buy rating and issued a $20.00 price target (down from $24.00) on shares of Ooma in a research note on Tuesday. StockNews.com began coverage on Ooma in a research report on Thursday, May 18th. They set a strong-buy rating for the company. Finally, Alliance Global Partners cut their target price on Ooma from $20.00 to $18.00 in a research report on Wednesday.

Ooma Stock Up 2.3 %

Shares of NYSE:OOMA traded up $0.29 during trading on Friday, reaching $12.98. 32,366 shares of the company traded hands, compared to its average volume of 83,528. The company’s 50 day moving average is $12.61 and its two-hundred day moving average is $13.58. The firm has a market capitalization of $328.65 million, a PE ratio of -97.62 and a beta of 0.85. Ooma has a 52 week low of $10.82 and a 52 week high of $16.76.

Ooma (NYSE:OOMA – Get Rating) last posted its quarterly earnings results on Thursday, March 2nd. The technology company reported $0.02 EPS for the quarter. Ooma had a positive return on equity of 0.48% and a negative net margin of 1.44%. The company had revenue of $56.50 million during the quarter, compared to analysts’ expectations of $56.40 million. As a group, research analysts anticipate that Ooma will post -0.02 EPS for the current year.

Hedge Funds Weigh In On Ooma

Institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC raised its holdings in shares of Ooma by 102.3% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,375 shares of the technology company’s stock worth $29,000 after buying an additional 1,201 shares in the last quarter. Advisor Group Holdings Inc. increased its holdings in Ooma by 17.9% in the 4th quarter. Advisor Group Holdings Inc. now owns 5,280 shares of the technology company’s stock worth $72,000 after purchasing an additional 800 shares in the last quarter. Occudo Quantitative Strategies LP acquired a new position in Ooma in the 2nd quarter worth about $120,000. Man Group plc acquired a new position in Ooma in the 4th quarter worth about $142,000. Finally, Susquehanna International Group LLP acquired a new position in Ooma in the 1st quarter worth about $131,000. Institutional investors and hedge funds own 80.09% of the company’s stock.

Ooma Company Profile

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Ooma, Inc engages in the provision of platforms for cloud-based communications solutions, smart security and other connected services. It helps create smart workplaces and homes by providing communications, monitoring, security, automation, productivity, and networking infrastructure applications. Its products and services include Ooma business and Ooma residential.