Gogo (NASDAQ:GOGO) Price Target Cut to $12.00

Gogo (NASDAQ:GOGO) had its price objective lowered by Morgan Stanley from $15.00 to $12.00 in a research note released on Tuesday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the technology company’s stock.

Separately, JPMorgan Chase & Co. initiated coverage on shares of Gogo in a research note on Thursday, February 29th. They issued a neutral rating and a $11.00 price objective for the company. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $15.30.

Gogo Stock Up 1.6 %

GOGO opened at $8.37 on Tuesday. The company has a current ratio of 4.37, a quick ratio of 3.49 and a debt-to-equity ratio of 14.43. Gogo has a 1-year low of $7.53 and a 1-year high of $17.94. The company has a market capitalization of $1.07 billion, a PE ratio of 7.68 and a beta of 1.08. The firm’s 50 day simple moving average is $8.80 and its two-hundred day simple moving average is $9.68.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.11 earnings per share for the quarter, hitting the consensus estimate of $0.11. Gogo had a net margin of 36.64% and a negative return on equity of 7,172.73%. The business had revenue of $97.81 million for the quarter, compared to the consensus estimate of $96.56 million. During the same period last year, the firm earned $0.21 earnings per share. The company’s quarterly revenue was down 9.6% on a year-over-year basis. As a group, equities analysts forecast that Gogo will post 0.36 EPS for the current year.

Insider Activity at Gogo

In related news, Director Charles C. Townsend bought 28,857 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was bought at an average cost of $9.03 per share, with a total value of $260,578.71. Following the completion of the purchase, the director now owns 1,740,588 shares of the company’s stock, valued at approximately $15,717,509.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Gogo news, Director Harris N. Williams acquired 12,000 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was acquired at an average cost of $8.10 per share, with a total value of $97,200.00. Following the purchase, the director now directly owns 20,990 shares of the company’s stock, valued at approximately $170,019. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles C. Townsend bought 28,857 shares of the stock in a transaction dated Thursday, March 14th. The stock was purchased at an average price of $9.03 per share, with a total value of $260,578.71. Following the acquisition, the director now directly owns 1,740,588 shares in the company, valued at approximately $15,717,509.64. The disclosure for this purchase can be found here. 26.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Gogo

Several institutional investors have recently made changes to their positions in the company. Great West Life Assurance Co. Can lifted its holdings in shares of Gogo by 41.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 2,178 shares of the technology company’s stock worth $44,000 after acquiring an additional 633 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Gogo by 1.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 67,844 shares of the technology company’s stock worth $822,000 after acquiring an additional 721 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Gogo by 7.5% in the 3rd quarter. AQR Capital Management LLC now owns 14,913 shares of the technology company’s stock worth $178,000 after acquiring an additional 1,035 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Gogo by 2.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 43,731 shares of the technology company’s stock worth $443,000 after acquiring an additional 1,042 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in Gogo by 5.4% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 22,437 shares of the technology company’s stock valued at $382,000 after buying an additional 1,152 shares in the last quarter. Institutional investors own 69.60% of the company’s stock.

About Gogo

Gogo Inc, together with its subsidiaries, provides broadband connectivity services to the aviation industry in the United States and internationally. The company's product platform includes networks, antennas, and airborne equipment and software. It offers in-flight systems; in-flight services; aviation partner support; and engineering, design, and development services, as well as production operations functions.