Ooma (NYSE:OOMA) Stock Price Crosses Below 50 Day Moving Average – What’s Next?

Ooma, Inc. (NYSE:OOMA)’s share price crossed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $12.78 and traded as low as $12.33. Ooma shares last traded at $12.41, with a volume of 98,170 shares trading hands.

Wall Street Analyst Weigh In

OOMA has been the subject of a number of recent research reports. Benchmark raised their target price on shares of Ooma from $17.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, March 5th. Lake Street Capital dropped their price objective on shares of Ooma from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $17.63.

Ooma Trading Down 0.5%

The firm has a market capitalization of $342.52 million, a P/E ratio of -65.32 and a beta of 1.22. The firm has a 50 day moving average price of $12.78 and a 200-day moving average price of $13.68.

Insider Activity

In other Ooma news, CFO Shigeyuki Hamamatsu sold 10,704 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $13.31, for a total value of $142,470.24. Following the sale, the chief financial officer now owns 207,909 shares in the company, valued at $2,767,268.79. This trade represents a 4.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Namrata Sabharwal sold 3,428 shares of Ooma stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $13.46, for a total value of $46,140.88. Following the sale, the chief accounting officer now owns 80,931 shares of the company’s stock, valued at approximately $1,089,331.26. This trade represents a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,202 shares of company stock valued at $512,438. 9.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC increased its holdings in Ooma by 39.8% during the 1st quarter. Acadian Asset Management LLC now owns 943,971 shares of the technology company’s stock worth $12,344,000 after purchasing an additional 268,636 shares during the period. Nuveen LLC bought a new position in shares of Ooma during the 1st quarter worth $3,465,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Ooma by 284.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 253,016 shares of the technology company’s stock valued at $3,557,000 after buying an additional 187,245 shares during the period. Millennium Management LLC raised its holdings in shares of Ooma by 81.6% in the first quarter. Millennium Management LLC now owns 316,564 shares of the technology company’s stock valued at $4,144,000 after acquiring an additional 142,220 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Ooma by 674.1% in the fourth quarter. Alliancebernstein L.P. now owns 128,430 shares of the technology company’s stock worth $1,806,000 after acquiring an additional 111,840 shares during the period. 80.42% of the stock is currently 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.