Gogo (NASDAQ:GOGO) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Gogo (NASDAQ:GOGO) from a hold rating to a buy rating in a research report sent to investors on Friday morning, Zacks.com reports. Zacks Investment Research currently has $4.75 price objective on the technology company’s stock.

According to Zacks, “Gogo is the leading provider of in-flight connectivity and wireless entertainment solutions for the global aviation industry. They currently provide services on approximately 9,600 aircraft, which represents more than 20% of the world’s total commercial and business jet aircraft. Gogo has partnerships with 14 commercial airlines and is installed on more than 2,500 commercial aircraft. Nearly 7,000 business aircraft are also flying with its solutions, including the world’s largest fractional ownership fleets. Gogo also is a factory option at every major business aircraft manufacturer. Gogo is headquartered in Chicago, IL, with additional facilities in Broomfield, CO, and various locations overseas. “

A number of other research firms also recently issued reports on GOGO. William Blair restated an outperform rating on shares of Assembly Biosciences in a research note on Friday, May 10th. BidaskClub upgraded Misonix from a buy rating to a strong-buy rating in a research note on Wednesday, July 3rd. Cowen restated an outperform rating and set a $187.00 price target (up previously from $178.00) on shares of Union Pacific in a research note on Thursday, April 18th. Finally, Roth Capital began coverage on Gogo in a research note on Monday, May 13th. They set a buy rating and a $10.00 price target on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $7.65.

NASDAQ:GOGO opened at $4.22 on Friday. The stock’s 50 day moving average price is $4.42. The stock has a market cap of $370.51 million, a P/E ratio of -2.31 and a beta of 1.01. Gogo has a 52-week low of $2.64 and a 52-week high of $7.82.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Thursday, May 9th. The technology company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.31. The firm had revenue of $199.55 million for the quarter, compared to analysts’ expectations of $198.00 million. The company’s quarterly revenue was down 13.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.34) EPS. Research analysts expect that Gogo will post -1.83 EPS for the current fiscal year.

In other news, Director Charles C. Townsend purchased 64,389 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average price of $5.48 per share, for a total transaction of $352,851.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 36.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in the business. Elk Creek Partners LLC grew its stake in shares of Gogo by 8.7% in the 1st quarter. Elk Creek Partners LLC now owns 3,763,459 shares of the technology company’s stock valued at $16,898,000 after purchasing an additional 302,573 shares during the last quarter. North Peak Capital Management LLC grew its stake in shares of Gogo by 1,012.3% in the 1st quarter. North Peak Capital Management LLC now owns 2,780,647 shares of the technology company’s stock valued at $12,485,000 after purchasing an additional 2,530,647 shares during the last quarter. First Midwest Bank Trust Division grew its stake in shares of Gogo by 38.1% in the 1st quarter. First Midwest Bank Trust Division now owns 1,367,952 shares of the technology company’s stock valued at $6,142,000 after purchasing an additional 377,630 shares during the last quarter. Hodges Capital Management Inc. grew its stake in shares of Gogo by 1,120.3% in the 1st quarter. Hodges Capital Management Inc. now owns 763,900 shares of the technology company’s stock valued at $3,430,000 after purchasing an additional 701,300 shares during the last quarter. Finally, Spark Investment Management LLC grew its stake in shares of Gogo by 13.4% in the 1st quarter. Spark Investment Management LLC now owns 702,561 shares of the technology company’s stock valued at $3,154,000 after purchasing an additional 82,961 shares during the last quarter. Institutional investors own 59.12% of the company’s stock.

Gogo Company Profile

Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW), and Business Aviation (BA).

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