September 28, 2020

Taquer-Tech

Melts In Your Technology

Has Ooma (OOMA) Outpaced Other Computer and Technology Stocks This Year?

Investors interested in Computer and Technology stocks should always be looking to find the best-performing...

Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Ooma (OOMA) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? One simple way to answer this question is to take a look at the year-to-date performance of OOMA and the rest of the Computer and Technology group’s stocks.

Ooma is a member of our Computer and Technology group, which includes 606 different companies and currently sits at #11 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. OOMA is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for OOMA’s full-year earnings has moved 39.16% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the most recent data, OOMA has returned 28.50% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 17.37% on average. This means that Ooma is performing better than its sector in terms of year-to-date returns.

Breaking things down more, OOMA is a member of the Communication – Components industry, which includes 19 individual companies and currently sits at #90 in the Zacks Industry Rank. On average, this group has lost an average of 6.95% so far this year, meaning that OOMA is performing better in terms of year-to-date returns.

Investors with an interest in Computer and Technology stocks should continue to track OOMA. The stock will be looking to continue its solid performance.

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