Ooma (NYSE:OOMA) Issues FY 2023 Earnings Guidance

Ooma (NYSE:OOMAGet Rating) updated its FY 2023 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.37-$0.43 for the period, compared to the consensus estimate of $0.36. The company issued revenue guidance of $210.50 million-$213.50 million, compared to the consensus revenue estimate of $210.17 million. Ooma also updated its Q2 2023 guidance to $0.10-$0.11 EPS.

OOMA has been the topic of a number of recent analyst reports. Alliance Global Partners decreased their price target on Ooma from $25.00 to $21.00 and set a buy rating on the stock in a report on Wednesday, May 25th. JMP Securities downgraded Ooma from a market outperform rating to a market perform rating and cut their target price for the company from $24.00 to $20.00 in a research report on Wednesday, May 25th. StockNews.com raised shares of Ooma from a buy rating to a strong-buy rating in a research note on Thursday, May 12th. Benchmark cut their price objective on shares of Ooma to $27.00 in a report on Friday, May 20th. Finally, Northland Securities dropped their target price on shares of Ooma to $19.00 in a report on Wednesday, May 25th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Ooma has a consensus rating of Buy and an average price target of $23.25.

Shares of OOMA traded up $0.34 during mid-day trading on Thursday, hitting $12.28. The company’s stock had a trading volume of 1,226 shares, compared to its average volume of 100,063. The firm has a 50-day moving average price of $13.09 and a 200 day moving average price of $15.92. The stock has a market capitalization of $298.40 million, a price-to-earnings ratio of -204.83 and a beta of 0.67. Ooma has a fifty-two week low of $10.82 and a fifty-two week high of $24.28.

Ooma (NYSE:OOMAGet Rating) last announced its quarterly earnings data on Tuesday, May 24th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. The company had revenue of $50.34 million for the quarter, compared to analysts’ expectations of $49.77 million. Ooma had a negative net margin of 0.83% and a negative return on equity of 0.65%. During the same quarter in the previous year, the company posted ($0.03) EPS. Equities research analysts forecast that Ooma will post -0.16 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its holdings in shares of Ooma by 2.4% during the first quarter. Bank of New York Mellon Corp now owns 112,250 shares of the technology company’s stock worth $1,682,000 after purchasing an additional 2,625 shares during the period. MetLife Investment Management LLC boosted its holdings in shares of Ooma by 49.6% during the first quarter. MetLife Investment Management LLC now owns 12,883 shares of the technology company’s stock worth $193,000 after purchasing an additional 4,274 shares during the period. Panagora Asset Management Inc. boosted its holdings in shares of Ooma by 81.5% during the first quarter. Panagora Asset Management Inc. now owns 43,028 shares of the technology company’s stock worth $645,000 after purchasing an additional 19,318 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Ooma by 23.1% during the first quarter. Dimensional Fund Advisors LP now owns 202,589 shares of the technology company’s stock worth $3,037,000 after purchasing an additional 37,969 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in shares of Ooma by 4.9% during the first quarter. Renaissance Technologies LLC now owns 972,303 shares of the technology company’s stock worth $14,575,000 after purchasing an additional 45,300 shares during the period. Institutional investors own 83.66% of the company’s stock.

About Ooma (Get Rating)

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 Office Pro that offers services, including HD video meetings, call recording, enhanced call blocking, and voicemail transcription; Ooma Connect, which delivers fixed wireless internet connectivity; Ooma Managed Wi-Fi, a plug-and-play enterprise-grade Wi-Fi solution; and Ooma Enterprise, a unified-communications-as-a-service solution.

Further Reading

Earnings History and Estimates for Ooma (NYSE:OOMA)

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