Northland Securities Forecasts Strong Price Appreciation for Ooma (NYSE:OOMA) Stock

Ooma (NYSE:OOMA) had its target price upped by equities researchers at Northland Securities from $16.00 to $18.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Northland Securities’ price objective would indicate a potential upside of 20.72% from the company’s current price.

OOMA has been the subject of several other reports. Benchmark lifted their target price on shares of Ooma from $15.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday. B. Riley lifted their target price on shares of Ooma from $14.50 to $15.50 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, JMP Securities restated a “market perform” rating on shares of Ooma in a report on Wednesday, August 28th. 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 MarketBeat.com, Ooma presently has an average rating of “Buy” and a consensus target price of $16.60.

Ooma Price Performance

OOMA stock opened at $14.91 on Thursday. The firm has a 50 day moving average price of $12.91 and a 200-day moving average price of $10.66. Ooma has a 52-week low of $6.50 and a 52-week high of $17.00. The firm has a market capitalization of $399.59 million, a price-to-earnings ratio of -78.47 and a beta of 0.94. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.83 and a current ratio of 1.15.

Hedge Funds Weigh In On Ooma

A number of hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC raised its holdings in Ooma by 2.1% in the 3rd quarter. Jane Street Group LLC now owns 40,547 shares of the technology company’s stock worth $462,000 after acquiring an additional 818 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in Ooma by 0.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 179,679 shares of the technology company’s stock worth $2,047,000 after purchasing an additional 1,364 shares during the period. Charles Schwab Investment Management Inc. grew its position in Ooma by 4.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 70,829 shares of the technology company’s stock worth $807,000 after purchasing an additional 3,138 shares during the period. Geode Capital Management LLC grew its position in Ooma by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 546,518 shares of the technology company’s stock worth $6,226,000 after purchasing an additional 4,683 shares during the period. Finally, Rhumbline Advisers grew its position in Ooma by 17.1% in the 2nd quarter. Rhumbline Advisers now owns 37,636 shares of the technology company’s stock worth $374,000 after purchasing an additional 5,494 shares during the period. 80.42% of the stock is currently owned by hedge funds and other institutional investors.

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.