Acadian Asset Management LLC Purchases 154,117 Shares of Ooma, Inc. (NYSE:OOMA)

Acadian Asset Management LLC raised its position in Ooma, Inc. (NYSE:OOMA) by 40.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 535,404 shares of the technology company’s stock after buying an additional 154,117 shares during the period. Acadian Asset Management LLC’s holdings in Ooma were worth $5,314,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Covestor Ltd increased its stake in shares of Ooma by 52.7% in the first quarter. Covestor Ltd now owns 6,197 shares of the technology company’s stock valued at $53,000 after buying an additional 2,138 shares during the period. Bailard Inc. acquired a new position in Ooma in the 2nd quarter valued at approximately $108,000. State Board of Administration of Florida Retirement System bought a new position in shares of Ooma during the first quarter valued at $130,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Ooma by 33.2% during the second quarter. Allspring Global Investments Holdings LLC now owns 26,995 shares of the technology company’s stock worth $268,000 after purchasing an additional 6,732 shares during the period. Finally, Pitcairn Co. lifted its holdings in shares of Ooma by 30.5% during the first quarter. Pitcairn Co. now owns 27,122 shares of the technology company’s stock worth $231,000 after purchasing an additional 6,336 shares during the period. 80.42% of the stock is owned by institutional investors and hedge funds.

Ooma Stock Performance

Shares of OOMA opened at $11.08 on Thursday. The company has a current ratio of 1.16, a quick ratio of 0.81 and a debt-to-equity ratio of 0.14. The firm’s fifty day simple moving average is $9.52 and its two-hundred day simple moving average is $8.72. Ooma, Inc. has a 12 month low of $6.50 and a 12 month high of $13.68. The stock has a market capitalization of $292.51 million, a P/E ratio of -110.80 and a beta of 0.92.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on OOMA shares. Lake Street Capital initiated coverage on Ooma in a research report on Monday, June 17th. They set a “buy” rating and a $14.00 target price for the company. JMP Securities restated a “market perform” rating on shares of Ooma in a research report on Wednesday, August 28th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

Ooma Company Profile

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.