Ooma (NYSE:OOMA) Updates FY 2023 Earnings Guidance

Ooma (NYSE:OOMAGet Rating) updated its FY 2023 earnings guidance on Tuesday. The company provided EPS guidance of $0.37-$0.43 for the period, compared to the consensus EPS 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.

Several equities analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Ooma from a hold rating to a buy rating and set a $20.00 price objective on the stock in a research report on Thursday, January 27th. Colliers Securities assumed coverage on shares of Ooma in a report on Wednesday, February 2nd. They set a buy rating and a $25.00 price target on the stock. JMP Securities lowered their price target on shares of Ooma from $24.00 to $20.00 and set a market outperform rating on the stock in a report on Wednesday. Benchmark lowered their price target on shares of Ooma to $27.00 in a report on Friday, May 20th. Finally, StockNews.com upgraded shares of Ooma from a buy rating to a strong-buy rating in a report on Thursday, May 12th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus price target of $23.42.

Shares of OOMA opened at $14.21 on Wednesday. The company has a 50-day simple moving average of $13.95 and a 200-day simple moving average of $16.99. The firm has a market capitalization of $344.83 million, a P/E ratio of -194.69 and a beta of 0.67. Ooma has a 52 week low of $12.11 and a 52 week high of $24.89.

Ooma (NYSE:OOMAGet Rating) last posted its quarterly earnings results on Thursday, March 3rd. The technology company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.03. Ooma had a negative net margin of 0.91% and a negative return on equity of 0.95%. The firm had revenue of $50.49 million during the quarter, compared to analyst estimates of $49.97 million. During the same quarter in the prior year, the business posted ($0.02) earnings per share. Equities research analysts predict that Ooma will post -0.17 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in OOMA. Royal Bank of Canada grew its stake in shares of Ooma by 8.6% during the second quarter. Royal Bank of Canada now owns 9,317 shares of the technology company’s stock valued at $176,000 after purchasing an additional 737 shares during the last quarter. Morgan Stanley grew its stake in shares of Ooma by 587.9% during the second quarter. Morgan Stanley now owns 273,701 shares of the technology company’s stock valued at $5,161,000 after purchasing an additional 233,915 shares during the last quarter. Citadel Advisors LLC bought a new stake in shares of Ooma during the third quarter valued at approximately $298,000. Millennium Management LLC lifted its holdings in Ooma by 4.2% in the third quarter. Millennium Management LLC now owns 67,594 shares of the technology company’s stock valued at $1,258,000 after buying an additional 2,715 shares during the period. 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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Earnings History and Estimates for Ooma (NYSE:OOMA)

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