Franklin Resources Inc. Takes $197,000 Position in Ooma, Inc. (NYSE:OOMA)

Franklin Resources Inc. bought a new position in shares of Ooma, Inc. (NYSE:OOMA) during the third quarter, Holdings Channel.com reports. The fund bought 17,017 shares of the technology company’s stock, valued at approximately $197,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Acadian Asset Management LLC lifted its holdings in Ooma by 40.4% during the 2nd quarter. Acadian Asset Management LLC now owns 535,404 shares of the technology company’s stock worth $5,314,000 after buying an additional 154,117 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Ooma by 69.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 163,212 shares of the technology company’s stock valued at $1,859,000 after purchasing an additional 66,678 shares during the last quarter. Renaissance Technologies LLC raised its stake in Ooma by 4.1% during the 2nd quarter. Renaissance Technologies LLC now owns 845,203 shares of the technology company’s stock worth $8,393,000 after acquiring an additional 33,100 shares in the last quarter. Walleye Capital LLC lifted its position in Ooma by 101.6% in the third quarter. Walleye Capital LLC now owns 55,029 shares of the technology company’s stock valued at $627,000 after acquiring an additional 27,727 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Ooma in the third quarter valued at $280,000. Institutional investors and hedge funds own 80.42% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on OOMA shares. Benchmark raised their target price on shares of Ooma from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Northland Securities upped their price objective on shares of Ooma from $16.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, December 5th. Lake Street Capital lifted their target price on shares of Ooma from $14.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, December 5th. B. Riley boosted their price target on shares of Ooma from $14.50 to $15.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, StockNews.com upgraded shares of Ooma from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 6th. One research 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $16.60.

Insider Activity

In related news, CFO Shigeyuki Hamamatsu sold 35,313 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $15.51, for a total value of $547,704.63. Following the sale, the chief financial officer now directly owns 165,301 shares of the company’s stock, valued at approximately $2,563,818.51. This represents a 17.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William D. Pearce sold 3,700 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $15.54, for a total transaction of $57,498.00. Following the transaction, the director now owns 163,353 shares of the company’s stock, valued at $2,538,505.62. This trade represents a 2.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 158,457 shares of company stock worth $2,413,132. Company insiders own 9.76% of the company’s stock.

Ooma Stock Up 0.6 %

Shares of NYSE OOMA opened at $14.14 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.08 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average price of $14.00 and a 200 day moving average price of $11.48. Ooma, Inc. has a 52 week low of $6.50 and a 52 week high of $17.00. The stock has a market capitalization of $381.78 million, a price-to-earnings ratio of -38.22 and a beta of 0.94.

About Ooma

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.