Dougherty & Co Weighs in on Gogo Inc.’s FY2017 Earnings (GOGO)
Gogo Inc. (NASDAQ:GOGO) – Analysts at Dougherty & Co cut their FY2017 earnings estimates for Gogo in a research report issued on Monday. Dougherty & Co analyst R. Ryan now anticipates that the firm will post earnings of ($1.60) per share for the year, down from their prior estimate of ($1.57). Dougherty & Co currently has a “Buy” rating and a $14.00 target price on the stock. Dougherty & Co also issued estimates for Gogo’s FY2018 earnings at ($0.95) EPS, FY2019 earnings at ($0.23) EPS and FY2020 earnings at $0.97 EPS.
Other analysts have also recently issued research reports about the stock. Standpoint Research assumed coverage on shares of Gogo in a research note on Thursday, June 23rd. They issued a “buy” rating and a $14.00 price objective for the company. Zacks Investment Research upgraded shares of Gogo from a “sell” rating to a “hold” rating in a research note on Wednesday, September 14th. William Blair reiterated an “outperform” rating on shares of Gogo in a research note on Friday, September 30th. Morgan Stanley reduced their price objective on shares of Gogo from $11.00 to $8.00 and set an “underweight” rating for the company in a research note on Thursday, July 28th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Gogo from $18.00 to $17.00 and set an “overweight” rating for the company in a research note on Friday, August 5th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $13.60.
Gogo (NASDAQ:GOGO) traded up 1.62% during mid-day trading on Wednesday, hitting $11.27. 477,696 shares of the stock traded hands. Gogo has a 12-month low of $7.80 and a 12-month high of $19.61. The company’s market cap is $971.20 million. The firm’s 50-day moving average is $11.96 and its 200-day moving average is $10.34.
Gogo (NASDAQ:GOGO) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.40) by $0.11. Gogo had a negative net margin of 22.95% and a negative return on equity of 204.51%. The firm earned $147.50 million during the quarter, compared to analysts’ expectations of $141.46 million. During the same period last year, the company earned ($0.32) EPS. The business’s quarterly revenue was up 21.7% on a year-over-year basis.
In other news, insider Michael Small acquired 50,000 shares of the business’s stock in a transaction dated Monday, August 8th. The stock was acquired at an average price of $10.37 per share, with a total value of $518,500.00. Following the completion of the transaction, the insider now directly owns 244,832 shares in the company, valued at approximately $2,538,907.84. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles C. Townsend acquired 52,867 shares of the business’s stock in a transaction dated Tuesday, August 30th. The stock was purchased at an average cost of $11.84 per share, with a total value of $625,945.28. The disclosure for this purchase can be found here. Company insiders own 37.70% of the company’s stock.
Several institutional investors have recently bought and sold shares of GOGO. Capital World Investors raised its position in Gogo by 72.1% in the second quarter. Capital World Investors now owns 3,640,000 shares of the company’s stock worth $30,540,000 after buying an additional 1,525,000 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in Gogo during the second quarter worth $12,223,000. Gabelli Funds LLC raised its position in Gogo by 31.0% in the second quarter. Gabelli Funds LLC now owns 2,255,500 shares of the company’s stock worth $18,924,000 after buying an additional 534,000 shares in the last quarter. Wellington Management Group LLP raised its position in Gogo by 22.0% in the first quarter. Wellington Management Group LLP now owns 2,525,921 shares of the company’s stock worth $27,811,000 after buying an additional 455,535 shares in the last quarter. Finally, Harbour Capital Advisors LLC purchased a new position in Gogo during the second quarter worth $2,888,000. 74.33% of the stock is owned by institutional investors and hedge funds.
Gogo Inc is a holding company. The Company is a provider of in-flight connectivity and wireless entertainment solutions for the aviation industry across the world. The Company 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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