Ooma (NYSE:OOMA) Updates Q2 2023 Earnings Guidance

Ooma (NYSE:OOMAGet Rating) updated its second quarter 2023 earnings guidance on Tuesday. The company provided earnings per share guidance of $0.10-$0.11 for the period, compared to the consensus earnings per share estimate of $0.09. The company issued revenue guidance of $51.40 million-$51.90 million, compared to the consensus revenue estimate of $51.17 million. Ooma also updated its FY 2023 guidance to $0.37-$0.43 EPS.

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

OOMA opened at $11.31 on Tuesday. Ooma has a one year low of $10.82 and a one year high of $24.28. The company’s 50 day simple moving average is $13.20 and its 200-day simple moving average is $15.98. The stock has a market capitalization of $274.83 million, a P/E ratio of -188.50 and a beta of 0.67.

Ooma (NYSE:OOMAGet Rating) last released its quarterly earnings results on Tuesday, May 24th. The technology company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.02. Ooma had a negative net margin of 0.83% and a negative return on equity of 0.65%. The business had revenue of $50.34 million for the quarter, compared to analysts’ expectations of $49.77 million. During the same period in the prior year, the firm earned ($0.03) earnings per share. As a group, sell-side analysts anticipate that Ooma will post -0.16 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA lifted its holdings in Ooma by 390.8% in the third quarter. BNP Paribas Arbitrage SA now owns 3,951 shares of the technology company’s stock valued at $74,000 after buying an additional 3,146 shares during the period. Metropolitan Life Insurance Co NY lifted its holdings in Ooma by 34.5% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 5,417 shares of the technology company’s stock valued at $111,000 after buying an additional 1,389 shares during the period. Citigroup Inc. lifted its holdings in Ooma by 132.4% in the fourth quarter. Citigroup Inc. now owns 5,646 shares of the technology company’s stock valued at $115,000 after buying an additional 3,217 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Ooma in the first quarter valued at approximately $161,000. Finally, UBS Group AG lifted its holdings in Ooma by 11.2% in the third quarter. UBS Group AG now owns 9,111 shares of the technology company’s stock valued at $169,000 after buying an additional 921 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.

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