Franklin Resources Inc. Makes New $197,000 Investment in Ooma, Inc. (NYSE:OOMA)

Franklin Resources Inc. bought a new stake in shares of Ooma, Inc. (NYSE:OOMA) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 17,017 shares of the technology company’s stock, valued at approximately $197,000. Franklin Resources Inc. owned about 0.06% of Ooma at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in OOMA. Acadian Asset Management LLC raised its stake in Ooma by 40.4% in the 2nd quarter. Acadian Asset Management LLC now owns 535,404 shares of the technology company’s stock valued at $5,314,000 after purchasing an additional 154,117 shares during the last quarter. Walleye Capital LLC grew its holdings in shares of Ooma by 101.6% during the third quarter. Walleye Capital LLC now owns 55,029 shares of the technology company’s stock worth $627,000 after buying an additional 27,727 shares in the last quarter. State Street Corp raised its position in shares of Ooma by 2.9% in the third quarter. State Street Corp now owns 475,737 shares of the technology company’s stock valued at $5,419,000 after buying an additional 13,240 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of 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 buying an additional 66,678 shares during the last quarter. Finally, Barclays PLC lifted its stake in shares of Ooma by 32.7% in the third quarter. Barclays PLC now owns 98,964 shares of the technology company’s stock worth $1,128,000 after buying an additional 24,402 shares in the last quarter. Hedge funds and other institutional investors own 80.42% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Ooma Trading Up 0.6 %

Shares of OOMA stock opened at $14.14 on Friday. Ooma, Inc. has a 1-year low of $6.50 and a 1-year high of $17.00. The firm has a market cap of $381.78 million, a PE ratio of -38.22 and a beta of 0.94. The company has a 50-day moving average of $14.00 and a two-hundred day moving average of $11.48. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.08 and a quick ratio of 0.83.

Insider Buying and Selling

In other news, SVP James A. Gustke sold 3,582 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $17.00, for a total transaction of $60,894.00. Following the sale, the senior vice president now owns 27,675 shares of the company’s stock, valued at approximately $470,475. This represents a 11.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Eric B. Stang sold 61,580 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $15.10, for a total transaction of $929,858.00. Following the completion of the transaction, the chief executive officer now directly owns 1,245,665 shares of the company’s stock, valued at approximately $18,809,541.50. The trade was a 4.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 158,457 shares of company stock valued at $2,413,132. Company insiders own 9.76% of the company’s stock.

Ooma 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.