Ooma (NYSE:OOMA – Get Rating) updated its fourth quarter 2023 earnings guidance on Wednesday. The company provided earnings per share guidance of $0.14-$0.15 for the period, compared to the consensus earnings per share estimate of $0.11. The company issued revenue guidance of $56.30 million-$56.60 million, compared to the consensus revenue estimate of $57.53 million. Ooma also updated its FY 2023 guidance to $0.51-$0.53 EPS.

Analyst Upgrades and Downgrades

Separately, StockNews.com started coverage on shares of Ooma in a report on Wednesday, October 12th. They set a buy rating on the stock.

Ooma Price Performance

Shares of NYSE OOMA traded up $0.40 on Wednesday, hitting $15.75. The company's stock had a trading volume of 54,682 shares, compared to its average volume of 90,859. Ooma has a 12-month low of $10.82 and a 12-month high of $21.89. The company has a market capitalization of $382.73 million, a price-to-earnings ratio of -525.00 and a beta of 0.76. The stock has a 50 day moving average of $14.73 and a 200-day moving average of $13.32.

Hedge Funds Weigh In On Ooma

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its position in Ooma by 32.8% during the third quarter. BlackRock Inc. now owns 2,701,018 shares of the technology company's stock worth $33,223,000 after purchasing an additional 667,631 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Ooma by 22.4% in the first quarter. Wellington Management Group LLP now owns 1,153,787 shares of the technology company's stock worth $17,296,000 after acquiring an additional 211,434 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Ooma by 0.9% in the third quarter. Vanguard Group Inc. now owns 1,122,495 shares of the technology company's stock worth $13,807,000 after acquiring an additional 10,553 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Ooma by 4.9% in the first quarter. Renaissance Technologies LLC now owns 972,303 shares of the technology company's stock worth $14,575,000 after acquiring an additional 45,300 shares in the last quarter. Finally, State Street Corp increased its position in shares of Ooma by 2.4% in the first quarter. State Street Corp now owns 661,399 shares of the technology company's stock worth $9,914,000 after acquiring an additional 15,339 shares in the last quarter. Hedge funds and other institutional investors own 80.68% of the company's stock.

About Ooma

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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, which offers various 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

• Get a free copy of the StockNews.com research report on Ooma (OOMA)
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